Ethereum experienced a significant price increase, breaking the $2,500 barrier due to a technical breakout. This upward movement was supported by finding a base at $2,350. The cryptocurrency now trades above the 100-hourly Simple Moving Average.
Support levels for Ethereum have been established at $2,450 and $2,500, while resistance is identified at $2,580, $2,620, and $2,650. Key technical indicators like the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show positive signs, indicating a bullish trend for Ethereum.
As the second-largest cryptocurrency, Ethereum continues to display strong performance in the market. Traders and investors observe these technical movements and indicators closely as they anticipate further price action and potential challenges at higher resistance levels.
