Ethereum’s price rally appears to be holding strong as indicators suggest a push towards $2,800. The cryptocurrency has surpassed the $2,600 resistance level and is currently maintaining gains above the $2,580 support zone. This surge in price has outpaced Bitcoin, indicating a positive trend for Ethereum.
On the hourly chart of ETH/USD, there is a key bullish trend line forming with support at $2,590. Ethereum is also trading above $2,550 and the 100-hourly Simple Moving Average, further indicating its strong position in the market.
However, a downside correction might occur if the price dips below the $2,580 support level. In this case, initial support is expected near the $2,590 trend line and the $2,465 zone. If the price further deteriorates, it could potentially reach the $2,350 support level and even the $2,220 level.
On the upside, if Ethereum successfully clears the $2,680 resistance level, it could continue its bullish momentum. The next major resistance levels to watch out for are around $2,780, $2,880, and $3,000. A close above $2,720 resistance could further solidify Ethereum’s bullish position.
Technical indicators on the hourly chart show the MACD losing momentum in the bullish zone, while the RSI is above the 50 level, indicating positive market sentiment.
It is important to conduct thorough research and consider the risks before making any investment decisions. The provided information is for educational purposes only and does not represent the opinions of NewsBTC on investment activities.