Ethereum Price Breaks $2,420 Resistance, Continues Upward Trajectory, Targeting $2,500 NextEthereum price has continued its upward momentum after breaking through the $2,420 resistance level, currently trading close to $2,500. The price has been on a consistent upswing since overcoming the $2,320 resistance level
Ethereum Price Breaks $2,420 Resistance, Continues Upward Trajectory, Targeting $2,500 Next
Ethereum price has continued its upward momentum after breaking through the $2,420 resistance level, currently trading close to $2,500. The price has been on a consistent upswing since overcoming the $2,320 resistance level. It is currently trading above the $2,400 level and the 100-hour simple moving average. An ascending trend line has formed on the ETH/USD hourly chart, providing support at $2,385 (data source: Kraken).
In the near term, ETH/USD needs to overcome the $2,480 resistance to continue its upward surge. Ethereum price has surged more than 8%, outperforming Bitcoin. It broke through the $2,350 and $2,420 resistance levels, now approaching the $2,500 resistance zone. The price has seen significant volatility, rallying nearly 10%. Currently, it's hovering around $2,460, testing the 23.6% Fibonacci retracement level of the upward move from $2,277 to $2,493.
The Ethereum price is currently trading above $2,440 and the 100-hour simple moving average, with an ascending trend line providing support at $2,385. On the upside, the price seems to face resistance near the $2,480 level, with the first major resistance at around $2,500, followed by the next key resistance at $2,550. A break above the $2,550 resistance could lead to further gains for ETH. If a breakout occurs, it could potentially rise to $2,650, then encounter resistance around $2,750 or $2,800.
If ETH fails to break the $2,480 resistance level, it could start to decline. The initial support on the downside is around $2,440, followed by major support near the $2,385 area and trend line. A break below the $2,385 support could push the price towards $2,320, with further declines potentially reaching the $2,250 support level and finally the key support at $2,200.
Technical indicators show that the hourly MACD has lost momentum in the bullish zone, while the hourly RSI is now above the 50 level. The major support level is $2,385, and the major resistance level is $2,500.
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