Ethereum, the second-largest cryptocurrency by market capitalization, has recently seen a strong rise in its value, breaking through the $2,400 threshold with a positive outlook that could push it further towards the $2,550 benchmark.
Investors and traders in the digital currency space noted that Ethereum remains bullish above the $2,380 area. The digital asset, widely known for its smart contract capabilities, has surpassed the all-important $2,350 mark in addition to its 100-hourly simple moving average, a technical indicator often looked at by market analysts to determine price trends. It is worth noting that it is traded at
The technical pattern on the chart also reveals a major bullish trend line providing support near the $2,400 zone on the ETH/USD hourly chart. That data is provided through the Kraken exchange. This indicates that while Ethereum may experience a mild pullback, support near the $2,400 level is expected to fuel bulls and sustain the currency’s upward trajectory.
The momentum behind the Ethereum price not only witnessed a sharp rise above the $2,350 resistance level, but it also jumped the formidable landmark of $2,400 and briefly grazed the $2,450 resistance before reaching around $2,449. It opened the peak. Since then, the cryptocurrency has been in a consolidation phase, holding its value above the 23.6% Fib retracement level. This level is a mathematical point derived from the recent price movement from a low of $2,353 to a high around $2,449.
Further reinforcing this trend is a signal above the $2,350 level and firmness above the 100 hourly simple moving average. The presence of the aforementioned bullish trendline coincides with the 50% Fib retracement level from the same price movement, solidifying a solid foundation for Ethereum’s market value.
Looking ahead, Ethereum faces difficult resistance near $2,450, and a break above it could set the stage for encountering the $2,500 level and potentially the $2,550 resistance. There is a possibility that it will rise towards the line. If the buying pressure continues, forecasts point to a possible trajectory for the price to cross the $2,620 hurdle and even the $2,700 level from there.
Conversely, if Ethereum fails to break through the $2,450 resistance ceiling, it could trigger a correctional decline. Support is waiting near the $2,425 level, with additional consolidation at the $2,400 boundary, which includes an important trendline. A decisive drop below this support could send Ethereum to the floor near $2,375, with the $2,350 indicator acting as a major bulwark in the event of an intensified sell-off. If these defenses are breached, Ethereum could fall towards the lows of $2,240.
In the realm of technical indicators, the hourly MACD for ETH/USD indicates a decline in bullish momentum, while the hourly RSI indicates that the asset is positioned above the median 50 level. Key levels to watch include major support at $2,375 and strong resistance at $2,450.