The price of Ethereum, a leading cryptocurrency, recently showed some resilience, finding support near the $2,350 mark before initiating an upward trend. Ethereum is currently on an upswing and is poised to possibly exceed the $2,580 resistance level if the current momentum holds.
Notably, Ethereum sparked a fresh surge above the $2,500 resistance zone, a move that signals an overall positive sentiment in the market. The digital currency is presently trading above the $2,500 mark and the 100-hourly Simple Moving Average, a key indicator used by investors to analyse price trends.
A further significant development was the break above a crucial bearish trend line that had resistance pegged at $2,460, according to the hourly chart of ETH/USD data obtained via Kraken. This pair might gain additional bullish momentum if it manages to settle above the $2,580 and $2,620 marks.
Ethereum’s price recovery comes after it successfully climbed above the $2,420 and $2,450 resistance levels, propelling it into a positive zone. It managed to clear the 50% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.
Despite the upward trend, the price is facing barriers near the $2,580 mark. The first significant resistance is hovering around the $2,620 level, with the main resistance forming near the $2,650 mark. A clear surge above the $2,650 resistance could potentially propel the price towards the $2,720 resistance level.
In the event of a breakthrough above the $2,720 resistance, further gains could be anticipated in the upcoming sessions. In such a scenario, the price of Ether could rise towards the $2,750 resistance zone.
However, if Ethereum fails to overcome the $2,620 resistance, it could trigger another decline. The initial support on the downside is near the $2,520 level, with the first major support situated near the $2,500 zone. If the price dips below the $2,500 support, it might drive the price towards the $2,450 mark. Further losses could push the Ethereum price towards the $2,320 support level. The next key support is situated at $2,350.
The MACD for ETH/USD is currently gaining momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone. These technical indicators suggest that Ethereum may continue its upward trend, but investors should keep an eye on the major resistance and support levels.
