#Ethereum #ETH #CryptoMarket #CryptoTrading #ETHUSD #Cryptocurrency #PriceAnalysis #TechnicalIndicators
After breaching the $2,280 resistance level, Ethereum’s value has continued its decent upward trajectory. The cryptocurrency managed to not just surpass the $2,250 zone that proved resistant, but also broke through the $2,300 barrier that stood in its way. This was primarily driven by bullish traders who managed to shove the price across a bearish trend line that had resistance close to $2,260 on the hourly chart. The currency reached a weekly peak of around $2,327. Simultaneously, Ethereum also traded beyond the $2,280 level as well as the 100-hourly Simple Moving Average, which indicates potential consolidation of its recent gains.
The Ethereum’s value trajectory isn’t devoid of hurdles, with $2,330 proving to be a significant resistance that could temper its rise. In the event of the currency failing to overcome this resistance, Ethereum could face a reversal of fortunes, potentially declining in value. In the event of such a decrease, its first support level is expected to be around $2,300. More significant supports surface at the $2,280 level or the halfway mark of its recent upswing from $2,234 to the weekly high of $2,327. If Ethereum were to fall below the $2,280 level at the close of the day, the next important support lies at the $2,200 level, failure to hold which could drag Ethereum’s value down towards the $2,120 mark.
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