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The Ethereum (ETH) price is currently on an upward trajectory, much like its counterpart Bitcoin (BTC). For Ethereum to sustain its upward momentum and achieve a new near-term high, it must break through the resistance level of $2,665. At present, Ethereum is trading above the $2,620 mark, along with the 100-hourly Simple Moving Average, showcasing a positive outlook for the cryptocurrency. This bullish sentiment was supported by a significant technical breakthrough – a break above a key bearish trend line with resistance positioned at $2,625 on the hourly chart of ETH/USD, according to data from Kraken. This indicates that Ethereum’s price must maintain its position above the $2,600 support level to embark on another upward journey shortly.
The recent price action in Ethereum follows a short period of consolidation near the $2,550 level, after which it mirrored Bitcoin’s momentum and started a fresh surge, managing to surpass the $2,600 resistance level. However, Ethereum’s gains were modest compared to Bitcoin’s, signifying a divergent strength between the two leading cryptocurrencies. Ethereum’s price ascension continued above the 50% Fibonacci retracement level of the recent downward movement from the $2,700 high to the $2,554 low. Additional bullish signals were observed with Ethereum breaking another connecting bearish trend line with resistance near $2,625 on the ETH/USD hourly chart.
On the upside, the Ethereum price is encountering resistance around the $2,665 area, which aligns closely with the 76.4% Fibonacci retracement level of the dip from the $2,700 peak to the $2,554 low. If Ethereum manages to surpass this resistance, the next major challenge lies at the $2,700 mark, followed by a crucial resistance at $2,720. A successful break above these levels could trigger further gains, potentially propelling Ethereum towards the $2,780 resistance zone in the near term, with subsequent targets at $2,850 and $2,880, opening up new possibilities for short-term bullish speculation.
Conversely, if Ethereum struggles to overcome the $2,665 resistance, it may face a potential pullback. The initial support is found near the $2,600 level and the 100-hourly Simple Moving Average. A decisive move below this support could see Ethereum’s price retracting towards the $2,550 zone. Further losses could potentially push the price down to the $2,525 mark, and if the selling pressure intensifies, Ethereum might target lower support levels at $2,480 and $2,440, respectively. It’s imperative for traders to monitor these technical indicators closely: the Hourly MACD shows a deceleration in bullish momentum, while the Hourly RSI indicates that the price is currently below the midline, hinting at a possible shift in market sentiment.
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