Ethereum price has seen a fresh increase, moving up from the $2,300 support zone. Currently, ETH is rising past $2,500, aiming for a potential breakout above the $2,550 resistance level.
The cryptocurrency has successfully climbed above the $2,350 and $2,400 resistance zones. It is trading above $2,450 and the 100-hourly Simple Moving Average, reflecting a bullish trend supported by a trend line at $2,435 on the ETH/USD hourly chart.
To maintain the upward trajectory, Ethereum must break through the $2,525 and $2,550 resistance levels. Overcoming these barriers could propel the price towards the $2,650 resistance zone, with further resistance around $2,720 or $2,740.
If Ethereum fails to hold above the $2,525 resistance, it may face a decline. Initial supports lie around $2,450 and $2,420, with a potential drop to $2,350 if these levels break. Significant support also exists at $2,250.
Technical indicators show a bullish momentum for ETH/USD, with the MACD gaining strength and the RSI above 50. Major support levels are currently $2,420, and resistance stands at $2,525.
