Ethereum Surges Past $2,600: Is This the Start of a Bullish Run?
Ethereum Price Breaks $2,600: Is More Upside Ahead?
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Ethereum (ETH) has shown impressive strength, breaking past the $2,500 resistance level and now trading above $2,600. This surge follows a steady climb from the $2,400 support level, with the price holding above both the $2,550 mark and the 100-hourly Simple Moving Average.
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A key bullish trend line has formed on the hourly chart of ETH/USD, with support at $2,550. This indicates that the upward momentum is likely to continue. To maintain this positive trend, the price needs to clear the $2,650 resistance level.
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Ethereum Price Climbs Over 5%
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Ethereum has shown impressive resilience, outperforming Bitcoin with a gain of over 5%. The price comfortably crossed the $2,450 and $2,500 resistance levels, highlighting the strength of the bullish sentiment. The recent surge has even pushed the price above the $2,500 resistance and the 76.4% Fibonacci retracement level of the downward correction from the $2,633 swing high to the $2,528 low.
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This positive price action is confirmed by the fact that Ethereum is now trading above the recent swing high of $2,633. The price currently sits above $2,635 and the 100-hourly Simple Moving Average, further bolstering the bullish outlook.
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Bullish Momentum and Key Resistance Levels
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The formation of a key bullish trend line with support at $2,550 on the hourly chart is a strong indicator of positive momentum. On the upside, the price is currently facing resistance near the $2,650 level, which coincides with the 1.236 Fibonacci extension level of the downward correction from the $2,633 swing high to the $2,528 low.
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The next major resistance level is located at $2,680. A break above this level could propel the price towards the $2,720 resistance. If the price manages to overcome the $2,720 hurdle, it could lead to further gains and potentially push Ethereum towards the $2,800 resistance zone.
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The $2,880 and $2,920 levels represent the next significant resistance areas.
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Dips Supported in ETH?
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In the event that Ethereum fails to break above the $2,650 resistance, it might experience a downside correction. Initial support on the downside sits at $2,590. The $2,550 zone, along with the trend line, serves as the first major support area. A decisive break below the $2,550 support could push the price towards $2,525.
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If the price continues to decline, the $2,450 support level might come into play in the near term. Further losses could drag the price down towards the $2,320 support level.
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Technical Indicators
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The hourly MACD for ETH/USD is gaining momentum in the bullish zone, indicating strong upward pressure. The hourly RSI for ETH/USD is currently above the 50 zone, suggesting that buyers are in control.
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Key Support and Resistance Levels
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- Major Support Level: $2,525
- Major Resistance Level: $2,650
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Overall, Ethereum’s recent price action suggests strong bullish momentum. The price is poised to break above the $2,650 resistance, which could open the door for further gains. However, it’s important to monitor the price action closely and stay informed about potential resistance levels that could hinder the upward trajectory.