Ethereum Price Surges Above $2,500, Eyes $2,620 Resistance
Ethereum has found support at $2,350 and is experiencing an upward trend, potentially moving above the $2,580 resistance level.
- ETH increased past $2,480 and $2,500 levels.
- The price is above $2,520 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $2,500 on the hourly chart.
- A clear move above $2,585 could strengthen the upward momentum.
Price Movement Analysis
After a correction below $2,500, Ethereum rebounded near the $2,450 zone. It formed a low at $2,445 before rising again.
Current trading exceeds $2,520, surpassing the 50% Fibonacci retracement from the recent high of $2,588 to the low of $2,445.
Resistance levels include:
- $2,555 near the 76.4% Fib retracement level
- $2,585 as the next key resistance
- $2,620 as the first major resistance
An upside break above $2,650 may lead to gains towards $2,720 or $2,800.
Potential Decline
If ETH does not clear $2,620, it may decline. Initial support is around $2,500, followed by $2,450.
Key support levels are:
- $2,450
- $2,420 if $2,450 is breached
- $2,320 in further declines
- $2,250 as additional support
Technical indicators show:
- Hourly MACD gaining bullish momentum
- Hourly RSI above 50
Major support is at $2,450 and major resistance is at $2,620.