Ethereum's price is steadily holding gains, resisting a drop below $2,580, and is poised for further escalation if it surpasses the $2,650 resistance mark, analysts think.
Maintaining stability in a positive zone, Ethereum appears unwavering above both the $2,550 and $2,580 resistance thresholds. Trading above $2,600, bolstered by the 100-hourly Simple Moving Average, its upward trajectory is guided by a robust bullish trend line.
Centering around $2,600 on the hourly ETH/USD chart (data provided by Kraken), this trend line reinforces potential upward momentum should the pair break through the $2,650 and $2,680 resistance zones.
Ethereum has sustained its position above the $2,550 pivot, mirroring Bitcoin's stability. Despite a minor correction, which tested the $2,550 support, Ethereum has embarked on another price ascent, surpassing the $2,580 and $2,600 resistance levels. This upward movement has been accentuated by a breach above the 50% Fibonacci retracement from the $2,685 high to the $2,538 low. Consequently, the bulls have pushed past the $2,620 resistance.
Currently trading comfortably above $2,600 in conjunction with its 100-hour moving average, Ethereum's advancement faces an obstacle near the $2,650 mark. This level aligns with the 76.4% Fibonacci retracement of the aforementioned downturn. The initial significant resistance stands at $2,685. Surpassing this threshold could propel ETH towards $2,750, heralding further gains. Should this scenario materialize, Ethereum may advance to the $2,840 resistance zone, encountering subsequent challenges around $2,880 or even $2,920.
However, if Ethereum stumbles at the $2,650 resistance, a downward pivot might ensue. Initial support levels sit around $2,600, with the bullish trend line providing additional grounding. Major support currently resides at the $2,570 zone, with any breach potentially driving the price toward $2,550. Further declines could see Ethereum tumbling towards the $2,480 support level, with another significant support at $2,420.
Looking at technical indicators, the hourly MACD for ETH/USD signals growing momentum within the bullish territory. Meanwhile, the hourly RSI for ETH/USD is comfortably above the 50 mark, underscoring bullish sentiment. Major support is reinforced at $2,550, while resistance remains a formidable presence at $2,650.