Ethereum price found significant support near the $2,350 mark, sparking a fresh upward trend. The cryptocurrency successfully climbed above $2,500, clearing key resistance levels at $2,420 and $2,450. It is now trading above the 100-hourly Simple Moving Average, indicating a bullish trend. The price recently broke through a bearish trend line at $2,460 on the ETH/USD hourly chart.
The cryptocurrency is facing upward hurdles near the $2,580 level, with significant resistance at $2,620 and $2,650. Clearing these levels may trigger further gains, potentially pushing the price towards $2,720 and $2,750. The bullish momentum is supported by technical indicators such as an upward trending MACD and an RSI above 50.
However, if Ethereum fails to break the $2,620 resistance, a downward correction might ensue. The initial support would be at $2,520, with major support at $2,500. Continued losses could drive Ethereum towards the $2,450 level or even further down to $2,350.
