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Can Ethereum’s Price Surge Further? How Bulls Aim to Boost Momentum
Ethereum’s price has recently begun a recovery wave, with current developments making headlines in the latest ethereum news. Currently trading above $2,950, ETH is showing signs of consolidation, indicating potential strength as it approaches key resistance levels.
After a notable rise from the $2,775 mark, Ethereum is gaining traction, similar to Bitcoin’s recent performance. The cryptocurrency successfully surpassed significant resistance levels at $2,850 and $2,880, entering a more positive trading zone. Notably, it has also broken past a bearish trend line, which had resistance at $2,920 on the hourly chart for ETH/USD.
As Ethereum trades above $2,950 and the 100-hour Simple Moving Average, the bulls are eyeing further upside potential. If ETH can establish itself above the psychological barrier of $3,050, the price may continue its upward trajectory. The next significant resistance lies near the $3,020 level, coinciding with the 61.8% Fibonacci retracement level from the recent downward shift, which ranged from a high of $3,175 to a low of $2,775.
Potential Resistance Levels Ahead
Should Ethereum break through the $3,050 resistance, the immediate next target is the $3,080 level, which could further propel the price towards the $3,150 mark. A clear breakthrough above the $3,150 region might spark additional bullish momentum, potentially sending Ethereum toward the $3,220 or even the $3,250 resistance zone in the near term.
However, traders should remain cautious. If Ethereum fails to breach the $3,050 resistance, it might trigger a fresh decline. Initial support on the downside is positioned around $2,950, with major support located at the $2,915 level. Should the price dip below $2,915, it could pave the way for a decline towards $2,880 and further down to the $2,840 region. The next critical support level is at $2,800, which traders should monitor closely.
Technical Indicators to Watch
In terms of technical indicators, the hourly MACD for ETH/USD is losing momentum, indicating a potential weakening bullish trend. Meanwhile, the Relative Strength Index (RSI) remains above the 50 mark, suggesting that the market is still leaning towards bullish sentiment.
As Ethereum continues to navigate these critical levels, market participants should stay informed about the evolving situation. For more insights into the cryptocurrency landscape, explore our crypto section.
Additionally, for those looking to trade Ethereum or other cryptocurrencies, platforms like Binance offer a user-friendly interface and various trading options.
In conclusion, Ethereum’s current price action indicates a pivotal moment as bulls attempt to regain momentum. With potential resistance levels closely approaching, traders should remain vigilant and prepared for any market changes that may arise in the coming days.
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