Ethereum (ETH) is showing strong bullish momentum after finding critical support at $2,320, with technical indicators suggesting a potential breakthrough above the key $2,650 resistance level. Recent golden cross formation adds further credence to the bullish outlook as ETH maintains its position above crucial moving averages.
Key Technical Developments for Ethereum
- Support established at $2,320 with strong buyer presence
- Price trading confidently above $2,500 and 100-hourly SMA
- Breakout above bearish trendline at $2,530
- 76.4% Fibonacci retracement level cleared
Critical Price Levels to Watch
The recent price action has established several crucial technical levels that traders should monitor:
| Support Levels | Resistance Levels |
|---|---|
| $2,450 | $2,580 |
| $2,420 | $2,650 |
| $2,320 | $2,720 |
Bullish Scenario and Targets
A decisive break above $2,650 could trigger a significant rally toward $2,720, with extended targets at $2,780 and $2,840. The bullish MVRV ratio supports the potential for higher prices, suggesting accumulation at current levels.
Risk Factors and Support Zones
Failure to breach $2,650 could lead to a retest of support at $2,520. The critical support zone between $2,450 and $2,420 must hold to maintain bullish momentum.
Technical Indicator Analysis
- MACD: Showing increasing bullish momentum
- RSI: Above 50, indicating healthy buying pressure
- Moving Averages: Price above key SMAs, confirming uptrend
Frequently Asked Questions
What is the next major resistance for Ethereum?
The immediate major resistance lies at $2,650, followed by $2,720.
Where is the critical support level for ETH?
The primary support zone is at $2,450, with secondary support at $2,320.
What technical indicators support the bullish case?
The MACD momentum, RSI above 50, and price action above key moving averages all support bullish momentum.