Ethereum Price Surge: Breakout on the Horizon?
Ethereum Price: Bullish Momentum Builds
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Ethereum’s price has been on a steady climb, breaking above the $2,450 resistance level. ETH is holding its gains and could see significant bullish momentum if it surpasses the $2,520 mark. The cryptocurrency has shown strength, overcoming the $2,420 and $2,450 resistance levels and trading above the 100-hourly Simple Moving Average. A key bullish trend line is forming with support near $2,455 on the hourly chart of ETH/USD.
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Breaking Through Key Resistance Levels
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Ethereum needs to gain bullish momentum above the $2,520 and $2,550 resistance levels to truly signal a breakout. A clear move above the $2,550 resistance could send the price towards the $2,580 mark. If the price breaks above $2,580, we could see further gains in the coming sessions, potentially reaching the $2,620 resistance zone. The next hurdles lie near the $2,650 and $2,720 levels.
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Possible Pullback Scenario
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If Ethereum fails to break above the $2,520 resistance, it could experience another pullback. The initial support on the downside sits near the $2,480 level. The first major support zone is near $2,455, coinciding with the trend line and the 76.4% Fib retracement level of the upward move from the $2,436 swing low to the $2,518 high. A clear move below the $2,435 support could push the price towards $2,420. Further losses might send the price towards the $2,350 support level. The next key support level lies at $2,250.
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Technical Indicators
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The Hourly MACD for ETH/USD is gaining momentum in the bullish zone. The Hourly RSI for ETH/USD is now above the 50 level.
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Key Levels to Watch
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- Major Support Level: $2,455
- Major Resistance Level: $2,520
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Ethereum’s price action is showing strength, but it remains to be seen if it can break through key resistance levels to continue its upward trend. Traders should carefully monitor the price action and technical indicators to identify potential opportunities and risks.