Ethereum Price Rally Alert: ETH Starts Its Climb Toward $3K Milestone 📈
Ethereum price found support at $2,500 and initiated a fresh ascent, surging past $2,550 and $2,620 levels. The price now trades above $2,540 and the 100-hourly Simple Moving Average, revealing a connecting bullish trend line with support at $2,550 on the ETH/USD hourly chart.
Despite Bitcoin's record high, Ethereum bulls remain active, propelling the price past $2,600. ETH spiked over $2,720, resting above the 23.6% Fib retracement level from $2,442 to $2,731. Ethereum price faces immediate resistance at $2,740, but successful clearing could boost it toward $2,920 or $3,000 soon.
If Ethereum fails to surpass the $2,750 resistance, it might decline, with initial support around $2,675. Major support is near $2,550, aligning with the 61.8% Fib retracement. Falling below this may target $2,500, subsequently threatening $2,450 or $2,420.
Technical indicators emphasize bullish momentum, as the hourly MACD strengthens in the bullish zone and the RSI hovers above 50. Support is pegged at $2,550, while resistance sits at $2,740.
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