The bitcoin walletEthereum market shows promising signs as it establishes footing above $2,600, with potential for extended gains if it conquers the crucial $2,800 barrier.
ETH demonstrates strength by surpassing the $2,650 resistance marker.
Current trading positions remain comfortably above $2,680 and the 100-hour moving average.
A significant technical breakthrough occurred when ETH/USD shattered a descending trendline at $2,680 (Kraken data).
Sustained movement beyond $2,780-$2,800 could signal stronger upward potential.
Ethereum's Technical Landscape
Following successful defense of the $2,500 support zone, Ethereum has built substantial momentum. The digital asset methodically overcame successive hurdles at $2,600 and $2,620, setting the stage for further appreciation.
The hourly chart reveals ETH's decisive break through the $2,680 resistance, propelling prices to test the $2,794 region before experiencing expected profit-taking. This temporary retreat below $2,750 represents normal market behavior after rapid advances.
Currently holding above both the $2,680 level and its 100-hour moving average, Ethereum maintains its bullish structure. The 23.6% Fibonacci retracement level from the recent $2,550-$2,794 rally now serves as immediate support.
Market observers note potential resistance near $2,750, with more significant barriers at $2,780 and the psychological $2,800-$2,820 range. A convincing breakthrough above these levels could open the path toward testing $2,920, with $3,000-$3,050 emerging as subsequent targets.
Potential Market Scenarios
Should Ethereum encounter rejection at current resistance levels, traders anticipate possible retracement. Initial downside protection appears at $2,675 (50% Fibonacci level), followed by stronger support clusters at $2,640 and $2,600.
A breach below $2,600 might test the $2,550 foundation, with $2,440 representing a more substantial support zone in case of extended weakness.
Technical Indicators
Hourly MACD shows bullish momentum moderating slightly.
Hourly RSI maintains position above the neutral 50 level.
Critical Support: $2,675
Key Resistance: $2,780
