Ethereum Price Anticipates Upside Break To Shift Sentiment Towards Bullish

Ethereum Price Poised for Upside Break, Shifting Sentiment to Bullish

Ethereum price is showing signs of preparing for an upward breakout, potentially surpassing the $2,900 level. In order to gain further momentum, ETH must successfully settle above both $2,900 and $2,940 in the near term.

At present, Ethereum is establishing a strong base above the $2,860 support zone, a positive indication for potential bullish movements. However, the price is currently trading below both $2,950 and the 100-hourly Simple Moving Average.

Chart analysis reveals a significant bearish trend line forming with resistance at $2,905 on the hourly chart of ETH/USD. Furthermore, immediate resistance lies near the $2,900 level. This resistance coincides with the 23.6% Fib retracement level of the recent decline from the $2,992 swing high to the $2,860 low.

A breakthrough above this trend line could see the price climbing towards the $2,925 level and the 100-hourly Simple Moving Average. The first major resistance awaits at $2,940, or the 61.8% Fib retracement level of the recent decline. Subsequently, breaching the $3,000 level would propel the price towards testing the $3,050 resistance, with further gains taking Ethereum to the $3,150 resistance zone.

However, should ETH fail to surpass the $2,925 resistance, it may endure another decline. Initial support is seen around the $2,880 level, followed by the major support at $2,860. Further down, the $2,810 level awaits as the next support, with a clear drop below potentially pushing the price towards $2,740. Additional losses may see the price reaching the $2,650 level in the near term.

Observing the technical indicators, the hourly MACD for ETH/USD is displaying waning momentum within the bearish zone. The hourly RSI has also fallen below the 50 level, suggesting a weakening sentiment.

In conclusion, Ethereum’s price is on the verge of a potential upside break, which may shift sentiment towards a bullish outlook. However, it is crucial for ETH to break resistance levels and maintain positive momentum to sustain the anticipated upward trajectory.