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Is Ethereum Set to Soar? How Sustaining Momentum Could Boost Prices Further
In the latest ethereum news, the cryptocurrency has exhibited a promising rise, starting a new upward trend from the support level of $2,550. Currently, Ethereum is consolidating its gains, hinting at potential further increases if it maintains support above this key zone. This movement places Ethereum in a strong position relative to Bitcoin, as it surpasses minor resistance levels with an eye on higher targets.
Ethereum’s Bullish Market Position
Recently, Ethereum surpassed the $2,560 mark, which accelerated its momentum towards the $2,600 resistance zone. After successfully testing the $2,620 resistance, Ethereum peaked at $2,627. This level of activity suggests a robust entry into a positive trading zone, further stabilized by its position above the 23.6% Fibonacci retracement level from a recent swing low of $2,515 to a high of $2,627.
Currently, Ethereum trades above $2,580 and remains well-supported by the 100-hourly Simple Moving Average. A critical bullish trend line has also formed with support at $2,550 on the hourly ETH/USD chart, as seen on Kraken. If Ethereum can hold these gains, we may see it challenge and possibly surpass the immediate resistance levels at $2,620 and upward towards $2,650 and $2,680.
Potential for New Highs
Should Ethereum break past the $2,680 resistance, there’s potential to target the $2,780 mark. A successful breach above this could pave the way for even more significant gains, potentially reaching up to $2,880 or even touching the $2,920 mark in the near term. This scenario underscores the current bullish sentiment in the Ethereum market.
Risks and Supports
Conversely, if Ethereum fails to overcome the $2,620 resistance, it may face a pullback. Initial support is found near the $2,570 level, with more substantial support at the $2,520 mark, aligning with the trend line. A decisive drop below this could see Ethereum retract towards the $2,450 support, with further declines possibly leading it down to $2,350 or even $2,320 as next critical supports.
Technical Indicators Review
The Hourly MACD for ETH/USD is slightly losing momentum in the bullish zone, which traders should monitor closely. Meanwhile, the Hourly RSI remains above the 50 mark, suggesting that the buying interest in Ethereum is still prevalent.
For those interested in a deeper analysis, explore more cryptocurrency insights or consider the implications of these movements on your trading strategies at Binance.
Conclusion
Ethereum’s current trajectory is promising, but sustaining this momentum is crucial for reaching new heights. Investors and traders should keep a close eye on the mentioned support and resistance levels, which will likely dictate Ethereum’s short-term price action in the crypto markets.
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