#Ethereum #cryptocurrency #ETH #crypto #blockchain #investment #ETHUSD #Bitcoin
Ethereum is experiencing a rapid increase in price, recently surpassing the $2,250 resistance, with the price now trading above the major benchmark of $2,200 and the 100-hourly Simple Moving Average. Data feed via Kraken reveals a key bullish trend line with support near $2,225 on the hourly chart of ETH/USD. The cryptocurrency could achieve greater heights if it manages to soar beyond the $2,275 resistance zone. Ethereum’s price arc follows a similar pattern to Bitcoin, initiating a robust rise above the $2,250 resistance, amplifying prospects of further growth.
Ethereum started a dynamic surge, breaking many obstacles close to $2,120 to enter a constructive zone. It even shot past the $2,200 level, setting the stage for a more substantial increase. Consequently, a new multi-month high near $2,275 was created, and the price is currently consolidating these gains. A minor slip occurred below the 23.6% Fib retracement level of the upward surge from $2,148 swing low to the $2,275 high. However, Ethereum maintains its position above $2,200 and the 100-hourly Simple Moving Average, pointing towards its bullish potential. While facing resistance near the $2,250 zone, a clear push beyond the $2,275 zone could drive the price toward the $2,320 level, with a subsequent resistance sitting at $2,350. Further gains could trigger a wave toward the lofty $2,500 level.
Despite the optimistic market environment, if Ethereum cannot overcome the $2,250 resistance, it might exhibit a downside correction. Initial support on the downside lies near the $2,220 level and the trend line. Moreover, the key support stands at $2,080. Any further declines could prompt a shift toward the $2,020 level in the short term. The hourly MACD for ETH/USD shows dwindling momentum in the bullish zone, and the RSI for ETH/USD is floating above the 50 level. In conjunction with these benchmarks, the major support level falls at $2,175, with a major resistance level positioned at $2,250.
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