Ethereum Tests $2,700 Resistance After Breaking Key Fibonacci Level

Ethereum 's valuation is experiencing upward momentum as it hovers above the $2,650 mark. The cryptocurrency could gain further strength if it successfully surpasses the $2,750 resistance level.

As of now, Ethereum has shown a solid increase , moving past the significant $2,620 resistance threshold. Presently, ETH is trading above $2,650, supported by the 100-hourly Simple Moving Average. A notable bullish trend line is emerging, offering support around $2,640 on the hourly ETH/USD chart, according to data from Kraken.

Should Ethereum settle above $2,750 and $2,800, it could instigate a more substantial upward trend.

Ethereum has maintained support above the $2,550 threshold, mirroring Bitcoin's stability. Establishing a firm base, ETH recently climbed beyond the $2,600 and $2,620 resistance marks. This rise carried the cryptocurrency above the 23.6% Fibonacci retracement level, calculated from the swing high of $2,794 to the low of $2,614. The asset is now trading beyond $2,680, and a pivotal bullish trend line with support at $2,640 is evident on the ETH/USD hourly chart.

Currently, Ethereum is trading above $2,650, backed by the 100-hourly Simple Moving Average . However, it faces resistance near $2,700, corresponding to the 50% Fibonacci retracement level from the $2,794 swing high to the $2,614 low. The first considerable resistance level is at $2,750, with major resistance forming around the $2,800 to $2,820 range. A decisive move past the $2,820 threshold could push prices toward the $2,920 level.

Should Ethereum break the $2,920 resistance, this could pave the way for additional gains, potentially driving the price to $3,000 or even $3,050 in the foreseeable future.

Failure to surpass the $2,750 resistance might lead to another downturn for Ethereum. The initial support is located near the $2,655 level or the 100-hourly SMA. Subsequent major support is found near the $2,620 area or the trend line. A decisive break below the $2,620 threshold may lead to a decline toward the $2,600 support level, and further losses could see the price reaching the $2,550 support zone. The next critical support is positioned at $2,440.

Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.