Ethereum Bulls Eyeing $2,850 as Surge Potential Grows
Ethereum’s price has been on the rise, surpassing the $2,650 resistance level. With this bullish momentum, analysts believe that Ethereum could continue its upward trajectory and potentially reach $2,850 if it clears the $2,750 resistance zone.
Supporting this outlook is the fact that Ethereum has remained in a positive zone above the $2,580 and $2,620 resistance levels. The price is currently trading above $2,650 and the 100-hourly Simple Moving Average. Additionally, a key bullish trend line is forming with support near $2,680 on the hourly chart of ETH/USD.
During its recent surge, Ethereum tested the $2,765 level before consolidating gains. Though there was a minor decline below the $2,740 level, the price remains stable above the 23.6% Fib retracement level of the upward move from the $2,576 swing low to the $2,765 high.
The immediate hurdle that Ethereum faces is near the $2,750 level, with the first major resistance sitting at $2,765. A clear break above this resistance could propel the price towards the $2,840 level. If this level is also surpassed, it could lead to further gains in the coming sessions, potentially pushing Ethereum towards the $2,880 resistance zone.
However, a failure to clear the $2,750 resistance may result in a downward turn for Ethereum. In this scenario, initial support lies near the $2,720 level, followed by the $2,680 zone where the trend line coincides. If these support levels are breached, the price could drop towards $2,650 and potentially even the $2,620 level. The next key support level rests at $2,550.
As for technical indicators, the MACD for ETH/USD is exhibiting bullish momentum in the hourly timeframe, while the RSI is now above the 50 zone, indicating a positive sentiment.
In conclusion, Ethereum bulls are optimistic about the cryptocurrency’s potential for a surge towards $2,850. However, the price must successfully overcome key resistance levels for this scenario to unfold.