Ethereum’s price has recently surged back above the $2,500 mark, leading many to wonder if a bigger upward movement is on the horizon. After finding support around $2,300, Ethereum started to climb and managed to surpass resistance levels at $2,350 and $2,420. Currently trading above $2,450 and the 100-hourly Simple Moving Average, there is a bullish trend line forming with support at $2,435.
An obstacle lies near the $2,525 level, where the price faces potential resistance. If Ethereum successfully clears this level, it could rally towards the $2,550 mark. Should the upward momentum continue, Ether might encounter further gains, potentially reaching the $2,650 resistance zone in the short term, followed by hurdles at $2,720 and $2,740.
However, if Ethereum fails to break through the $2,525 resistance, it might experience another decline. The initial support lies at around $2,450, with a more significant support zone near $2,420 and the aforementioned trend line. A clear drop below this level could push the price towards $2,350, and any additional losses might bring it closer to $2,320. The next critical support level awaits at $2,250.
Analyzing the technical indicators, the hourly MACD for ETH/USD is showing bullish momentum, and the hourly RSI has reached above the 50 zone. The major support level for Ethereum is currently at $2,420, while the significant resistance level sits at $2,525.