Ethereum price has experienced a significant increase and surpassed the $2,350 mark. With positive indicators, it is likely that ETH will continue its upward trend and potentially reach the $2,500 level.
Ethereum has gained bullish momentum above the $2,350 zone and is currently trading above $2,320 and the 100-hourly Simple Moving Average. Additionally, a key rising channel resistance near $2,350 was broken, further demonstrating the strength of the bull market.
While a correction may occur, any dips are expected to be limited and supported above the $2,335 support zone.
On the upside, the first major resistance is anticipated near the $2,380 level. If this hurdle is cleared, the next resistance lies at $2,420, with the possibility of a test of the $2,485 resistance. Should the bulls continue to dominate, surpassing the $2,550 resistance level is not out of the question.
However, if Ethereum fails to break the $2,380 resistance, a downside correction could transpire. The initial support lies at the $2,350 level and the channel trend line. Further support can be found at the $2,335 zone or the 50% Fib retracement level. Ultimately, the main support stands at $2,220, with the price potentially dropping to the $2,120 level if further losses occur.
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