Ethereum, that capricious creature, has once again decided to grace us with a fresh increase, soaring above the $2,450 zone. ETH, in its whimsical way, is now perched above $2,550, perhaps contemplating a leap to even greater heights.
- Ethereum, ever the showman, has commenced a new ascent, breaking the $2,550 barrier with a flourish.
- The price, like a well-trained dancer, is pirouetting above $2,575 and the 100-hourly Simple Moving Average, much to the delight of its audience.
- A short-term rising channel, with a support line at $2,570, is forming on the hourly chart of ETH/USD (data feed via Kraken), adding a touch of elegance to the performance.
- Should the price remain supported above the $2,520 zone in the near term, it might just decide to take another bow and continue its ascent.
Ethereum, much like its more famous sibling Bitcoin, has started a fresh increase above the $2,450 zone. ETH, with its characteristic flair, has not only gained pace but has also moved above the $2,550 resistance zone, entering a positively enchanting zone.
The bulls, ever the enthusiastic supporters, managed to push the price above the $2,620 resistance. However, the audience was left slightly disappointed as there was no grand finale. A high was formed near $2,636, and the price, in a moment of humility, corrected some of its gains, moving toward the 23.6% Fib retracement level of the upward move from the $2,373 swing low to the $2,636 high.
Ethereum, now trading above $2,560 and the 100-hourly Simple Moving Average, continues its performance. A short-term rising channel, with support at $2,570, is forming on the hourly chart of ETH/USD, adding a layer of complexity to the spectacle.
On the upside, the price might face resistance near the $2,625 level. The next key resistance is near the $2,640 level, and the first major resistance is near the $2,650 level. A clear move above the $2,650 resistance might send the price toward the $2,720 resistance, much to the delight of the bulls.
An upside break above the $2,720 resistance might call for more gains in the coming sessions. In such a scenario, Ether could rise toward the $2,750 resistance zone or even $2,800 in the near term, a true encore performance.
Another Decline In ETH?
If Ethereum fails to clear the $2,620 resistance, it might just decide to take a breather and start a fresh decline. Initial support on the downside is near the $2,570 level, with the first major support sitting near the $2,520 zone.
A clear move below the $2,520 support might push the price toward the $2,500 support. Any more losses might send the price toward the $2,420 support level in the near term, with the next key support at $2,350, a rather somber finale.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone, a subtle hint that the performance might be nearing its end.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone, suggesting that the audience is still engaged, but perhaps not as enthusiastically as before.
Major Support Level – $2,520
Major Resistance Level – $2,620
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2025-07-04 06:24