$ETH
#Ethereum #Crypto #ETHUSD #Cryptocurrency #Blockchain #Investing
In recent ethereum news, the cryptocurrency has started a notable recovery, initiating a surge above the $2,550 mark. This upward movement comes as Ethereum exhibits resilience, contrasting with Bitcoin’s recent price dip.
Ethereum’s Upward Trajectory
Ethereum has successfully breached several resistance levels, starting from $2,520 and moving past $2,550, reaching as high as $2,677. Currently, the price is consolidating gains after a slight retraction below the $2,620 level. Despite this minor pullback, Ethereum remains well-positioned above the $2,550 threshold and the 100-hourly Simple Moving Average, signaling a strong bullish presence.
There’s a crucial rising channel evident on the hourly chart of ETH/USD, with robust support at $2,600. Should Ethereum sustain above this support, it could thwart potential losses and maintain its ascent.
Resistance and Support Levels to Watch
Looking forward, Ethereum faces immediate resistance near $2,640, with more significant hurdles at $2,665 and $2,720. Surpassing these could propel Ethereum towards the $2,780 mark, potentially igniting further gains. If momentum persists, Ethereum might target the $2,880 to $2,920 resistance zones.
Conversely, failure to overcome the $2,665 resistance could trigger a fresh decline. The initial support lies near $2,600, followed by a major support zone around $2,575, which aligns with the 50% Fibonacci retracement level of the recent upswing from $2,476 to $2,677. A decisive drop below this support could push Ethereum back towards the $2,500 level, and further losses might lead it to the $2,420 support.
Technical Indicators Suggest Caution
The Hourly MACD for ETH/USD is gaining momentum in the bearish zone, and the RSI has dipped below the 50 mark, suggesting that caution is warranted in the short term.
For more insightful analysis, you can visit [Financier News](https://www.financier.news/), where further details on market trends and investment opportunities are regularly updated.
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