The Elon Musk coin listEthereum market has demonstrated remarkable resilience, establishing a solid foundation above the $2,485 threshold. Current price action indicates ETH is building momentum for a potential breakthrough beyond the crucial $2,520 resistance barrier.
ETH has successfully initiated a new bullish phase, surpassing the $2,465 benchmark.
The digital asset maintains strong positioning above both $2,460 and the 100-hourly Simple Moving Average.
A significant bullish trend line is emerging on ETH/USD charts, with $2,450 serving as a reliable support level.
Market stability above $2,400 could catalyze additional upward movement in the short term.
Technical Indicators Favor Continued Growth
Following Bitcoin's lead, Ethereum has carved out a promising trajectory beyond the $2,440 support level. The cryptocurrency has convincingly overcome resistance at $2,460 and $2,480, entering positive territory.
While bullish momentum carried ETH past $2,500, selling pressure emerged near $2,520. After peaking at $2,522, the asset entered a consolidation phase, briefly testing the 23.6% Fibonacci retracement level from its recent swing low of $2,435.
Current technical analysis reveals ETH trading comfortably above both $2,460 and its 100-hourly SMA. The developing trend line at $2,450 aligns closely with the 76.4% Fib retracement level, suggesting strong underlying support.
Immediate resistance appears at $2,520, with subsequent barriers at $2,550 and $2,600. A decisive move beyond $2,600 could potentially open the path toward $2,680 resistance.
Should Ethereum maintain this trajectory, the $2,750 to $2,800 range becomes a plausible near-term target for bullish traders.
Potential Downside Considerations
Failure to breach $2,520 resistance might trigger corrective movement. Initial support lies at $2,450 along the trend line, with stronger support emerging at $2,420.
A breakdown below $2,420 could test the $2,400 support level, with additional downside potentially reaching $2,350. The $2,320 level represents a critical support zone in such scenarios.
Technical Indicators
Hourly MACD - The Moving Average Convergence Divergence shows weakening bullish momentum.
Hourly RSI - The Relative Strength Index remains favorably positioned above the 50 threshold.
Primary Support Level - $2,420
Primary Resistance Level - $2,520
