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Ethereum experienced a significant rise above the resistance area of $2,250 gaining bullish momentum. This cryptocurrency managed to clear the $2,280 resistance zone analogous to Bitcoin and kicked off a stable recovery wave. There was a surge beyond a connecting bearish trendline pertaining to resistance around $2,260 on the hourly chart of ETH/USD. At this juncture, Ethereum is potentially probing the $2,325 resistance area, and a withdrawal could occur if it struggles to break through.
The digital currency has shown signs of strength as it also surpassed the $2,300 resistance point. The price at one point achieved a new weekly height of approximately $2,327, following which there was a period of gain consolidation. The well-established cryptocurrency is currently trading above the $2,280 mark and retains a position over the 100-hourly Simple Moving Average. Ethereum must defeat the $2,330 resistance area in order to forge ahead. If achieved, the consecutive resistance area lies at around $2,350 above which the digital currency could sky-rocket and put the $2,420 resistance to the test. The eventual goal lies at the $2,450 boundary, a clear-cut move above which could trigger off a considerable surge. If Ethereum fails to get past the $2,330 resistance, a decline could initiate, with the first substantial support zone near the $2,300 level.
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