Ethereum Price Forecast: ETH Holds Steady Above $2,450 Resistance, Eyes $2,520
Ethereum Price Steadily Increasing
Ethereum’s price has shown a steady increase above the $2,450 resistance level, with bullish momentum possibly taking it further beyond $2,520.
Key Points to Note:
- Ethereum surpassed the $2,420 and $2,450 resistance levels, now trading above $2,440 and the 100-hourly Simple Moving Average.
- A significant bullish trend line is forming with support near $2,455 on the hourly ETH/USD chart.
- To continue its upward trend, Ethereum must overcome the $2,520 and $2,550 resistance levels.
Price Recovery and Consolidation
After forming a base above $2,350, Ethereum saw a fresh increase, surpassing the $2,420 and $2,450 resistance levels. Bulls pushed the price above $2,500, reaching a high of $2,518 before consolidating gains. The price holds above the 23.6% Fib retracement level and the 100-hourly Simple Moving Average, with a key bullish trend line near $2,455 providing support.
Looking Ahead
The price currently faces resistance at $2,520, with further hurdles at $2,550 and $2,580. A breakthrough above $2,580 could signal more gains towards $2,620 and beyond. However, failure to clear the $2,520 resistance may lead to a pullback, with initial support at $2,480 and major support near $2,455 and the 76.4% Fib retracement level.
Technical Outlook
- Hourly MACD indicates bullish momentum for ETH/USD.
- Hourly RSI is above the 50 zone.
- Major support level: $2,455
- Major resistance level: $2,520
Conclusion
Ethereum’s price is on a steady incline, aiming for the $2,520 resistance level. With strong technical indicators supporting further gains, the cryptocurrency market remains optimistic about Ethereum’s potential. Stay updated on price movements and key support levels to make informed trading decisions.
Stay informed, stay ahead, and capitalize on Ethereum’s upward momentum!
