Ethereum (ETH) Price Prediction: Breakthrough $2500 Key Resistance, Follow Subsequent Momentum

Ethereum (ETH) prices closely follow Bitcoin's steps, starting a new round of pump from the $2,375 support level nearby. ETH successfully broke through the $2,500 resistance zone, establishing a short-term bullish trend.

Key Breakthroughs and Technical Patterns

• The bullish strength is strong, driving the price to break through the 76.4% Fibonacci retracement level from the $2,523 swing high down to the $2,372 low.
• The price further broke through the $2,550 resistance zone and once surged above $2,600, reaching a daily high of $2,614.
• The current ETH price is trading above $2,550 and the 100-hourly simple moving average (100-hourly SMA).
• ETH/USD Hourly Chart shows a short-term contracting triangle pattern forming, with a support level at $2,560.

Pump targets and key resistance levels

• The initial resistance level above is around $2,615 (close to the 1.618 Fibonacci extension level from the drop of $2,523 to $2,372).
• The next key resistance level is at $2,650.
• The main resistance level is at $2,665. A clear breakthrough of this resistance may drive the ETH price to challenge the $2,720 resistance level.
• If it successfully breaks through $2,720, then the Ethereum rising trend is expected to continue, with a bullish target for ETH looking at the $2,750 area, and even testing $2,800 in the short term.

Potential Downside Risks and Support Level

• If Ethereum fails to effectively break through the $2,615 resistance level, it may trigger a new round of pullback.
• Initial downward support level is at $2,560 (triangle pattern support).
• The first major support level is in the $2,550 USD region.
• A clear drop below $2,550 support may push the price towards $2,520 support level.
• If Ethereum continues to fall, more declines may cause ETH to test the $2,450 support level in the short term.
• The next key support level is at $2,350 USD.

Technical Indicator Analysis ( Hourly Chart )

• MACD Indicator: The MACD for ETH/USD is in the bullish area, but the upward momentum is weakening.

• RSI Indicator: The RSI for ETH/USD is currently above the 50 level, indicating that there is still some buying power in the market.

  

Key Level Summary

• Main support level: $2,550
• Main resistance level: $2,615