Ethereum Price Breaks $2,600 Resistance Level, Could Surge Past $2,700
The price of Ethereum is on the rise, surpassing the $2,600 resistance level against the US Dollar. With Ethereum trading above $2,550 and the 55 simple moving average (4 hours), the cryptocurrency is showing positive signs of a continued uptrend.
Technical analysis reveals the formation of a key bullish trend line with support near $2,580 on the 4-hour chart. This suggests that the price could climb even further if it manages to stay above the $2,540 support zone.
In recent sessions, Ethereum experienced a notable increase above the $2,300 level against the US Dollar. It gained momentum and surpassed the $2,450 level, as well as the 55 simple moving average (4 hours). Bulls further pushed the price above the $2,600 resistance zone, with a high of around $2,687. Currently, the price is consolidating its gains and is trading comfortably above the $2,550 level.
Ethereum’s positive trajectory is reinforced by the fact that it is well above the 23.6% Fibonacci retracement level of the upward wave from the $2,472 swing low to the $2,687 high. Additionally, it is above the 55 simple moving average (4 hours), signaling strong momentum.
Looking ahead, the immediate resistance on the upside is around the $2,680 level, followed by the next major resistance at $2,720. If the price clears this level, it could surge towards $2,800. In the near term, further gains could bring the price to the $2,880 resistance zone or even $2,950.
On the downside, initial support is found near the $2,635 level. Should the price drop further, the next major support lies at $2,580 or the trend line. Near this level is also the 50% Fibonacci retracement level of the upward wave from the $2,472 swing low to the $2,687 high. Breaking below the support at $2,540 could lead to a test of $2,440. If the selling pressure intensifies, the price might even reach $2,200.
Summing up, Ethereum’s price is currently trading above the $2,550 level and the 55 simple moving average (4 hours). With positive signs of further gains if it holds above the $2,540 support zone, investors and traders are eagerly watching the cryptocurrency’s progress.
Technical indicators:
- 4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
- 4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is above the 50 level.
Key Support Levels:
- $2,635, followed by the $2,540 zone.
Key Resistance Levels:
- $2,680 and $2,800.
Analyst comment
Positive news: Ethereum’s price has broken the $2,600 resistance level and is showing signs of a continued uptrend. Technical indicators suggest strong momentum and further gains if it holds above the $2,540 support zone. Analyst prediction: Ethereum could surge past $2,700 and potentially reach $2,800 in the near term.
