Ethereum Price Soars: Breaking Barriers, Aiming for $2,800?
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Ethereum (ETH) is experiencing a significant price surge, breaking above key resistance levels. The price climbed above the $2,520 and $2,550 zones, fueled by bullish momentum. This positive trend is supported by technical indicators such as the hourly MACD, which shows increasing bullish momentum, and the RSI, trading above the 50 level, indicating bullish strength. The price action has surpassed the 50% Fibonacci retracement level of a recent downward movement, further strengthening the bullish outlook. The next major resistance level is identified at $2,600, followed by $2,620 and $2,650. A decisive break above $2,650 could propel ETH towards $2,720, potentially reaching $2,750 or even $2,800. However, the rally is not without potential setbacks. If the price fails to overcome the $2,600 resistance, a fresh decline could ensue. Key support levels to watch are $2,550, $2,520, $2,500, and $2,420. A break below $2,520 could trigger further price drops towards $2,420 and $2,350. The current market sentiment is bullish, but traders should be aware of the potential for a reversal if the price cannot maintain its upward momentum above the crucial $2,600 resistance level. The situation warrants careful monitoring of both support and resistance levels for a clearer indication of the future price trajectory. In short, while the current trend is positive, the possibility of a price correction remains a key consideration for investors and traders.
(Source: https://www.newsbtc.com/analysis/eth/ethereum-price-pushes-higher-2600/)
