The price of Ethereum has initiated a significant upward movement, surpassing the $2,550 mark. Currently, ETH is in a consolidation phase, with potential for further gains if it breaks through the $2,740 resistance level.
Ethereum's recent surge began after finding support around the $2,400 threshold, similar to trends observed in Bitcoin. The price successfully overcame resistance at $2,500 and $2,550, with bullish momentum pushing it above $2,650 and even reaching $2,700. A peak was recorded at $2,731, and the price is now stabilizing above the 23.6% Fibonacci retracement level from the recent low of $2,482 to the high of $2,731. ETH is trading above $2,600 and remains above the 100-hour Simple Moving Average, with a crucial bullish trend line forming at $2,540 on the hourly ETH/USD chart.
As for resistance levels, Ethereum may encounter obstacles near the $2,720 mark, with the next significant resistance at $2,740. If the price can clear this level, it could lead to a challenge of the $2,750 resistance, potentially propelling ETH towards the $2,840 level. A break above $2,840 could signal further gains, possibly driving the price up to the $2,880 or even $2,920 range in the short term.
However, if Ethereum is unable to breach the $2,740 resistance, it may experience a downward correction. Key initial support is located around $2,640, with substantial support near the $2,580 level and the 61.8% Fibonacci retracement level from the $2,482 low to the $2,731 high. A decisive drop below $2,580 could lead to a decline towards the $2,540 support level, with further losses potentially pushing the price down to $2,450 and, subsequently, to $2,350.
In terms of technical indicators, the hourly MACD for ETH/USD is gaining momentum within the bullish territory, while the RSI is currently above the neutral 50 level. The major support level remains at $2,640, with significant resistance identified at $2,740.
