Ethereum’s value is surging beyond the $2,200 barrier, marking an over 8% increase. The upward trend suggests a potential continuation towards the $2,500 resistance level in the upcoming days.
Notably, Ethereum has shown momentum by surpassing the $2,250 resistance level. The current trading scenario positions the price above $2,200 and the 100-hourly Simple Moving Average.
On the hourly chart of ETH/USD sourced from Kraken, a significant bullish trend line is emerging, indicating support around $2,225. The potential for further gains remains if the cryptocurrency manages to surpass the $2,275 resistance zone.
The price of Ethereum mirrors the movements of Bitcoin.
The Ethereum price exhibited a robust uptrend above $2,000, closely aligning with Bitcoin’s trajectory. ETH successfully overcame several obstacles around $2,120, entering a positive zone. The surge extended beyond the $2,200 mark, laying the groundwork for a more substantial uptick.
Reaching a new multi-month peak around $2,275, Ethereum is currently consolidating its gains. Although there was a slight dip below the 23.6% Fibonacci retracement level from the $2,148 low to the $2,275 high, the cryptocurrency remains above $2,200 and the 100-hourly Simple Moving Average.
The hourly chart of ETH/USD reveals the presence of a crucial bullish trend line, offering support around $2,225. On the upside, the $2,250 zone presents a resistance barrier for the price.
The upcoming significant hurdle lies in the vicinity of the $2,275 threshold. A decisive breakthrough above the $2,275 zone has the potential to propel the price towards the $2,320 mark. Beyond that, the subsequent resistance awaits at $2,350, and further advancements could initiate a surge towards the $2,500 level.
Are there constraints on downward movements for ETH?
Should Ethereum face difficulty surpassing the $2,250 resistance, a potential downtrend could ensue. Initial support on the downside is anticipated near the $2,220 level and the accompanying trend line.
Subsequently, the next crucial support level stands at $2,175, representing the 76.4% Fibonacci retracement level from the upward movement between the $2,148 swing low and the $2,275 high. The primary support now lies around $2,150 or the 100-hourly Simple Moving Average. A break below $2,150 might initiate a sustained decline. The pivotal support point is currently at $2,080, and any breach below this level poses a risk of a descent towards the $2,020 range in the near term.
Analyzing technical indicators, the hourly MACD for ETH/USD indicates a waning bullish momentum, while the hourly RSI is currently positioned above the 50 level.
Key Levels:
- Major Support: $2,175
- Major Resistance: $2,250