Ethereum Price Targets Upside Break — Will Momentum Carry It Past the Hurdles? 📈
Ethereum price initiated a fresh increase above the $2,220 zone, displaying positive signs of potentially surpassing the $2,550 zone. The price is trading over $2,320 and the 100-hourly Simple Moving Average, with a bullish trend line supporting at $2,390 on the hourly chart.
If ETH settles above the $2,500 resistance, it could start a fresh increase. Current challenges are near the $2,480 and $2,500 levels, although a breakthrough above $2,565 might propel the price toward $2,650 resistance, possibly reaching $2,720 or $2,800 soon.
However, failing to clear the $2,500 resistance could lead to a decline, with initial support at $2,390 and major support at $2,350. Drops below $2,350 might push the price to $2,320 and possibly $2,250.
Technical indicators suggest a gaining momentum in the bullish zone with the MACD and an RSI above 50 for ETH/USD. Currently, major support is at $2,350, while major resistance is at $2,500.
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