Ethereum price is currently looking to make a comeback and potentially reach new highs, similar to Bitcoin. In order to continue on this upward trajectory, ETH needs to break above the $2,665 resistance level and maintain this momentum in the near future.
At the moment, Ethereum is trading above $2,620 and is supported by the 100-hourly Simple Moving Average. There was a positive development as the price managed to surpass a connecting bearish trend line with resistance at $2,625 on the hourly chart of ETH/USD, indicating a possible shift towards a bullish trend.
For Ethereum to see further gains, it is crucial for the price to hold above the $2,600 support level. If this support is maintained, ETH could potentially see a fresh increase in the near term.
ETH managed to find support around the $2,550 level and has since started a new upward movement. The price was able to break above the $2,600 resistance level, although the gains were not as significant compared to Bitcoin. Additionally, Ethereum has cleared the 50% Fib retracement level of the recent downward move from the $2,700 swing high to the $2,554 low.
Currently, Ethereum price is facing resistance near the $2,665 level, which is close to the 76.4% Fib retracement level of the aforementioned downward move. The next major hurdle lies at $2,700, followed by $2,720. If ETH manages to break above these resistance levels, it could potentially target the $2,780 and $2,850 zones in the short term.
On the flip side, if Ethereum fails to break above the $2,665 resistance level, it could see a downside movement. Initial support is seen at $2,600 and the 100-hourly Simple Moving Average, with the major support level at $2,550. A break below this level might lead to a further decline towards $2,525 and potentially $2,480. The next key support level stands at $2,440.
In terms of technical indicators, the hourly MACD for ETH/USD is showing signs of losing momentum in the bullish zone, while the hourly RSI is now below the 50 zone.
In conclusion, Ethereum price is eyeing a potential increase and a break above the $2,665 resistance level could pave the way for new highs in the near future. Traders should keep a close eye on key support and resistance levels to gauge the direction of ETH in the coming sessions.