Imagine, if you will, a world where Ethereum (ETH) has decided to throw a grand party, and Bitcoin (BTC) wasn’t even invited. ETH, feeling rather sprightly, found its footing at $2,550 and decided to dance its way up over 5%, eyeing the $2,800 resistance with a mischievous twinkle in its digital eye.
- Ethereum, in its most dashing form, has waltzed above the $2,550 and $2,720 levels, much to the delight of its admirers.
- The price is currently pirouetting near $2,720, right under the watchful gaze of the 100-hourly Simple Moving Average.
- A new, rather fetching, bullish trend line is forming, providing support at $2,610 on the hourly chart of ETH/USD (data feed via Kraken).
- If ETH can muster the courage to clear the $2,800 resistance zone, it might just find itself in a position to extend its gains and perhaps even break into a full-fledged jig.
Ethereum’s price has started a fresh increase from the $2,550 support zone, leaving Bitcoin to ponder its own fate. ETH has managed to recover above the $2,620 and $2,650 resistance levels, much to the chagrin of the bears, who were hoping for a more somber affair.
The price even managed to surpass the $2,720 level, but the bears, ever the spoilsports, were active near the $2,785 resistance zone. Now, ETH is consolidating its gains above the 23.6% Fib retracement level of the upward move from the $2,610 swing low to the $2,787 high, as if to say, “I’ll just take a moment to catch my breath before the next dance.”
Ethereum is currently trading near $2,720 and the 100-hourly Simple Moving Average. A new, connecting bullish trend line is forming with support at $2,610 on the hourly chart of ETH/USD. If ETH can clear the $2,800 resistance zone, it might just find itself in a position to rise toward the $2,920 resistance zone or even $2,950 in the near term.
An upside break above the $2,800 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,920 resistance zone or even $2,950 in the near term. But let’s not get ahead of ourselves, shall we?
Downside Correction In ETH?
If Ethereum fails to clear the $2,780 resistance, it might just decide to take a little nap. Initial support on the downside is near the $2,700 level. The first major support sits near the $2,650 zone, which is also close to the 76.4% Fib retracement level of the upward move from the $2,610 swing low to the $2,787 high.
A clear move below the $2,650 support might push the price toward the $2,610 support. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500. But let’s hope it doesn’t come to that, for the sake of all the ETH enthusiasts out there.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone, as if to say, “Let’s keep this party going!”
Hourly RSI – The RSI for ETH/USD is now above the 50 zone, indicating that the bulls are in the driver’s seat for now.
Major Support Level – $2,700
Major Resistance Level – $2,780
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2025-05-29 06:07