Ethereum price is currently consolidating its gains above the $2,580 resistance level. It is poised to gain momentum if it surpasses the $2,650 resistance zone. ETH has retained a positive stance above the $2,550 and $2,580 resistance ranges and is trading above $2,600 along with the 100-hourly Simple Moving Average.
A key bullish trend line supports Ethereum near $2,600, as seen in the ETH/USD hourly chart (data from Kraken). Clearing the $2,650 and $2,680 resistance levels could facilitate a continued upward movement. While remaining stable above $2,550, ETH encountered some corrections and tested this support before rallying.
The fresh increase witnessed price moving above the $2,580 and $2,600 resistance levels, surpassing the 50% Fibonacci retracement level between the $2,685 high and $2,538 low. The bullish push propelled it past the $2,620 resistance, and the price is maintaining its position above the 100-hourly SMA.
Despite these gains, Ethereum faces challenges near the $2,650 resistance, aligned with the 76.4% Fibonacci retracement of the previous downward move. Surpassing $2,685 could pave the way toward $2,750, and continued success may lift it to the $2,840 zone, with further obstacles at $2,880 or $2,920.
Conversely, failure to clear the $2,650 resistance may trigger another decline. Initial support is around $2,600, with major support at $2,570. Falling below could drop ETH to around $2,550 or even $2,480 in the near term.
Technical indicators show a bullish momentum, with the MACD gaining in the bullish zone, and the RSI positioned above 50. Key support levels are at $2,550 with resistance at $2,650.
