Ethereum Surges Back Above $2,500: Will It Keep Climbing?
Ethereum Price Recovers, Aiming for Higher Ground
Ethereum (ETH) has staged a strong comeback, breaking above the $2,500 resistance level after finding support around $2,300. The cryptocurrency is now firmly positioned in a bullish zone, mirroring the upward momentum seen in Bitcoin.
The recent surge saw ETH clear the $2,350 and $2,420 resistance levels, ultimately pushing beyond the $2,500 mark. This positive movement coincides with the price trading above the 100-hourly Simple Moving Average and the formation of a key bullish trend line with support at $2,435 on the hourly chart of ETH/USD.
Climbing Towards Higher Targets
The next key resistance for ETH lies near the $2,525 level, closely aligned with the 61.8% Fibonacci retracement level of the recent downward move. A decisive break above $2,525 could propel the price towards the $2,550 resistance, potentially opening the door for further gains.
Should the price clear $2,550, a continuation of the bullish trend might lead Ethereum toward the $2,650 resistance zone. Further ahead, the $2,720 to $2,740 area could act as another significant hurdle.
Potential for a Retracement
However, if Ethereum fails to break through the $2,525 resistance, a retracement cannot be ruled out. Initial support is expected around the $2,450 level. The first major support zone sits near the $2,420 area and the trend line. A breach of $2,420 could trigger a decline towards $2,350, with further losses potentially pushing the price toward the $2,250 support level.
Technical Indicators Signal Strength
Technical indicators are currently signaling bullish momentum. The Hourly MACD for ETH/USD is gaining momentum in the bullish zone, while the Hourly RSI is above the 50 level, indicating strength.
Key Levels to Watch
**Major Support Level:** $2,420
**Major Resistance Level:** $2,525
The price action of Ethereum in the coming sessions will be closely watched, with the $2,525 resistance level serving as a crucial indicator of the potential for further upside or a potential retracement. Stay tuned for updates and analysis!