Ethereum Trails Bitcoin, But Bullish Momentum Gains Strength

Ethereum has been making a notable recovery, surpassing the $2,335 resistance level and aiming for further upside momentum beyond $2,420. The cryptocurrency started an upward trend from the $2,280 resistance level and is currently trading above $2,350 and the 100-hourly Simple Moving Average. A promising sign is the formation of a bullish trend line with support at $2,310 on the hourly chart. To continue its upward trajectory, Ethereum needs to overcome the $2,420 resistance level. If successful, the next key resistance levels to watch out for are $2,450 and $2,550. An upside break above $2,550 could lead to further gains, potentially pushing Ethereum towards the $2,650 and $2,720 levels. However, if Ethereum fails to clear the $2,420 resistance, it may experience a decline. The initial support level is around $2,365, followed by the major support zone at $2,310. A break below this support could lower the price towards $2,280 and potentially the $2,220 support level. Overall, the MACD and RSI indicators suggest bullish momentum for Ethereum in the near term.