Ethereum Price Resumes Climb Above $2,500 Resistance Level

Ethereum price found support near $2,350 and initiated an upward trend. ETH is rising and may target a move above the $2,580 resistance.

Ethereum surged past the $2,500 resistance zone.
The price is trading above $2,500 and the 100-hourly Simple Moving Average.
A break occurred above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it settles above $2,580 and $2,620.

Ethereum Price Restarts Increase

Ethereum price found support near $2,350 and began a fresh increase. ETH climbed above the $2,420 and $2,450 resistance levels, entering a positive zone.

It surpassed the 50% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low. Additionally, there was a break above a significant bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD.

Currently, Ethereum is trading above $2,500 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.

On the upside, the price faces hurdles near the $2,580 level. The first major resistance is at $2,620, followed by a key resistance near $2,650. A clear move above $2,650 may lead the price toward the $2,720 resistance.

An upward breakout above the $2,720 resistance could indicate further gains in subsequent sessions, potentially driving Ether toward the $2,750 resistance zone.

Potential Decline in ETH?

If Ethereum fails to surpass the $2,620 resistance, it may initiate another decline. Initial support is near the $2,520 level, with major support located around the $2,500 zone.

A clear drop below the $2,500 support could lead to a decline toward $2,450. Further losses might push the price down to the $2,320 support level, with the next key support at $2,350.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI: The RSI for ETH/USD is currently above the 50 zone.

Major Support Level: $2,450

Major Resistance Level: $2,620