The price of Ethereum (ETH) has demonstrated a positive trajectory, surging over 5% and making a push towards the $2,700 mark. As of now, ETH is consolidating its gains and shows potential for further upward movement, with targets set at $2,800 and $3,000.
ETH has managed to remain stable above the $2,420 resistance level, forming a solid base for a fresh increase. It outperformed Bitcoin, surpassing the $2,500 resistance. On the hourly chart of ETH/USD, there was a clear breakout from a bullish flag pattern, with resistance at $2,500. This breakout led to a significant gain of over 5% and a move towards the $2,700 level.
Although there was a minor decline below the $2,660 level, Ethereum continues to trade above key support zones. It remains above the 23.6% Fib retracement level of the recent rally from the $2,472 swing low to the $2,681 high. Additionally, ETH is trading above $2,620 and the 100-hourly Simple Moving Average.
If the bullish momentum persists, Ethereum could surge above the $2,800 resistance level. In this case, the digital asset might rise towards the $3,000 mark, presenting a significant opportunity for further gains.
However, if Ethereum fails to clear the $2,680 resistance, a corrective pullback could be underway. The initial support level on the downside is near $2,630, followed by the $2,600 zone. A definitive drop below the $2,600 support level might trigger a further decline towards $2,575 or the 50% Fib retracement level of the recent rally. The key support level stands at $2,520, which coincides with the 100 hourly SMA.
The hourly MACD for ETH/USD indicates a loss of momentum in the bullish zone. On the other hand, the hourly RSI has surpassed the 50 level, indicating positive market sentiment.
As Ethereum consolidates its gains and aims for higher resistance levels, there is significant potential for further upside. With its ability to hold strong support zones and a breakout from a bullish flag pattern, Ethereum’s price might continue its upward trajectory. However, investors should conduct their own research and take into consideration the inherent risks associated with investing.
