Ethereum price has shown a steady increase above the $2,650 resistance level, outperforming Bitcoin in the process. This surge has brought hope to investors as ETH might rally even higher towards the $3,000 resistance zone.
In recent trading sessions, Ethereum started a fresh uptrend above key resistance levels at $2,580 and $2,650. The price is currently hovering above $2,670 and is supported by the 100-hourly Simple Moving Average. A key contracting triangle is also forming with support at $2,670 on the hourly chart of ETH/USD, indicating a potential breakout in the near future.
Despite a recent spike above the $2,720 zone, Ethereum price is now in a consolidation phase after reaching a swing high at $2,732. The price is currently moving lower, with support levels at $2,670 and the triangle trend line. A break below $2,670 could lead to further downside towards $2,620 and eventually $2,550.
On the upside, Ethereum faces immediate resistance near the $2,720 level, followed by a major hurdle at $2,750. A successful close above $2,750 could pave the way for a move towards $2,820 and potentially $2,880. A break above $2,880 might signal a rally towards the coveted $3,000 resistance zone.
Looking at the hourly MACD and RSI for ETH/USD, there are signs of weakening bullish momentum. The MACD is losing steam in the bullish zone, while the RSI is holding above the 50 levels. These technical indicators suggest a potential shift in momentum in the near future.
Ethereum price has shown resilience in the face of market volatility, with the potential for further gains if it manages to overcome key resistance levels. However, failure to sustain the current uptrend could lead to a downside correction towards critical support levels. Traders and investors should therefore closely monitor price movements and technical indicators for potential trading opportunities.
