Ethereum Price Analysis: Breakout Potential Above $2,520
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Ethereum (ETH) price action shows a recent surge above the $2,480 level, currently consolidating gains near $2,500. A key bullish trend line with support at $2,440 indicates potential for further upward momentum. The price successfully broke through the $2,450 and $2,480 resistance levels, even briefly exceeding $2,500 before consolidating. The next major resistance level is identified at $2,520, followed by $2,550 and $2,580. A decisive break above $2,580 could propel ETH towards $2,650 and potentially reach $2,720 or even $2,800. Conversely, failure to surpass the $2,520 resistance may trigger a price decline. In a bearish scenario, initial support lies near $2,480, followed by $2,460 (50% Fib retracement), $2,440, and $2,400. Technical indicators are bullish; the hourly MACD shows increasing momentum, and the RSI is above 50, suggesting upward price pressure. The analysis highlights key support levels at $2,440 and major resistance at $2,520, indicating a critical price point for determining the short-term direction of ETH. Traders should monitor the price action around $2,520 for confirmation of a bullish breakout or potential downside correction.
(Source: https://www.newsbtc.com/analysis/eth/ethereum-price-tests-resistance-2520/)
