Ethereum's price has experienced a robust increase, surpassing the $2,720 threshold and inching closer to the significant $3,000 barrier. Fuelled by momentum, ETH has climbed over 10%, positioning itself for further potential gains.
Ethereum initiated its upward movement, breaking past the $2,720 resistance zone. The cryptocurrency is trading comfortably above $2,750 and remains supported by the 100-hourly Simple Moving Average.
A newly formed bullish trend line offers additional support at $2,820 on the ETH/USD hourly chart, as reported by Kraken. If Ethereum can overcome the $2,950 resistance, further price ascension could ensue.
Ethereum price mirrors Bitcoin's positive trajectory, moving past the $2,650 resistance level. The rise continued as ETH cleared both the $2,720 and $2,750 barriers, firmly entering positive territory. This bullish momentum has even lifted Ethereum above the $2,850 mark, achieving levels unseen in past trading sessions, surpassing Bitcoin's performance. With the price now exceeding a 10% increase and crossing $2,920, a peak was reached at $2,955.
The price hovers above the 23.6% Fibonacci retracement level derived from the $2,355 low to the $2,955 high. The current trading range is above $2,800, bolstered by the 100-hourly Simple Moving Average. Additionally, a supportive bullish trend line is evident at $2,820 on the ETH/USD hourly chart.
Resistance appears near the $2,920 level, with significant hurdles at $2,950. A breakthrough above $3,000 would open the path to the $3,120 resistance. An upward breach past $3,120 might trigger further gains, pushing Ether towards the $3,250 resistance zone. However, concerns arise over potential dips in ETH's value. Should Ethereum struggle to surpass the $2,950 resistance, a downward correction might unfold. Initial support is located at the $2,850 level. The primary defensive zone is around $2,820, underpinned by the trend line.
A decisive move below $2,820 could lead to a decline towards the $2,720 level. Further losses might result in a drop to the $2,650 support. An additional key support level exists at $2,550.