Ethereum Price Analysis: Bulls Eyeing a Breakout Above $2,620 Resistance

Ethereum price aims for new high above $2,550; potential for further gains unless support at $2,525 is breached.

Ethereum price rises, is this what the bulls were waiting for?

Ethereum (ETH) is showing signs of a fresh increase as it attempts to break above the $2,550 level against the US Dollar. The price is currently trading above a key support level and the 100-hourly Simple Moving Average. If the bulls manage to gain momentum and clear the $2,620 resistance, there could be a significant upside move in the near term.

Ethereum Price Holds Support

Ethereum price has remained well-supported above the $2,450 level, outperforming Bitcoin. The recent surge in ETH has pushed the price above the crucial $2,500 resistance zone. Moreover, there was a break above the $2,550 resistance and the 100-hourly Simple Moving Average.

However, the bulls faced resistance near the $2,600 level, resulting in a minor correction. The price dipped below the 23.6% Fibonacci retracement level of the upward move from the $2,471 swing low to the $2,614 high. Nevertheless, Ethereum is still trading above the $2,520 level and the 100-hourly Simple Moving Average, indicating that the bulls have the upper hand.

There is also a connecting bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD. The trend line coincides with the 50% Fibonacci retracement level of the recent upward move. As long as Ethereum remains above these support levels, there are chances of a fresh increase in the near term.

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On the upside, the immediate resistance is near the $2,600 level. If there is a clear break above this level, the price could target the $2,620 resistance. A successful close above the $2,620 level may pave the way for a decent increase, with the next target being the $2,665 level.

Q&A: What Are the Key Levels to Watch for Ethereum?

Q: What is the major resistance level for Ethereum?

A: The major resistance level for Ethereum is currently at $2,620. A breakout above this level could trigger a significant upward move.

Q: What are the major support levels to watch for Ethereum?

A: The major support levels for Ethereum are $2,540 and $2,500. If the price breaks below these levels, it could result in further downside towards $2,450 and $2,350.

Fresh Decline in ETH?

If Ethereum fails to clear the $2,620 resistance, it could face another decline. The initial support on the downside is near the $2,550 level and the bullish trend line. A break below this trend line could open the doors for more selling pressure.

The next key support level to watch is $2,500, which is a crucial psychological level. A downside break below $2,500 might lead to additional losses for Ethereum, with the $2,450 support being the next target. In the worst-case scenario, the price could even test the $2,350 level.

Technical Indicators

The hourly MACD for ETH/USD is losing momentum in the bullish zone, suggesting a possible consolidation or minor correction. However, the hourly RSI is above the 50 level, indicating that the buyers are still active.

Future Outlook and Investment Recommendations

Based on the current price action, Ethereum is showing positive signs for a breakout above the $2,620 resistance level. If the bulls manage to clear this hurdle, it could attract more buying interest and potentially lead to a significant rally.

Investors and traders should closely monitor the price movement around the $2,620 level. A successful break and close above this resistance could open up new opportunities for long positions. On the other hand, a failure to break above $2,620 might result in a consolidation or a short-term correction.

It’s important to consider the overall market sentiment and external factors, such as regulatory developments and market trends, while making investment decisions. Diversification and risk management strategies are crucial for a balanced investment portfolio.

Reference List:

1. ARK Sells Remainder of GBTC Holdings, Invests $100M in Bitcoin ETF
2. Epic Rally Alert: Solana Hourly Chart Reveals Bull Flag Formation
3. Factors That Support Ethereum’s Performance Against BTC
4. ETHUSD on TradingView.com

Remember, investing in cryptocurrencies carries risks, and it’s always advisable to do thorough research and seek professional advice before making any investment decisions.

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