Ethereum Price Rises Above $2,500, Eyes $2,650 Resistance

Ethereum Price Analysis

Ethereum price found support at $2,320 and has started to rise.
The price increased above $2,450 and $2,500 levels.
Current trading is above $2,500 and the 100-hourly Simple Moving Average.
A break occurred above a bearish trend line with resistance at $2,530.
The immediate goal is to clear the $2,650 resistance for potential gains toward $2,720.

Ethereum had a low at $2,308 before beginning its upward movement. It surpassed the 61.8% Fibonacci retracement level from the recent downward move. The price now faces near-term resistance around $2,580, with significant barriers at $2,600 and $2,650.

If Ethereum fails to exceed $2,650, a decline could follow, with initial support near $2,520 and major support at $2,450. A drop below $2,450 could lead to further losses toward $2,420 and potentially down to $2,320.

Technical indicators show:

MACD gaining momentum in the bullish zone
RSI above 50

Major support is at $2,450 and major resistance at $2,650.