- Ethereum has broken through the $2500 and $2550 resistance
- It has almost reached $2650 and is now consolidating at $2615
- This is above the 100-hour simple moving average, but $2640 is still a major resistance
- If Ethereum can break it, the next one will be $2720, and if it consolidates it can go to $2800 and $2880 resistance later
We recently wrote about how Ethereum was stagnating, facing difficulties in reaching even its previous peaks.
However, today we are seeing growing momentum and Ethereum has broken through the $2500 and $2550 resistance, showing a rise of more than 5%.
It almost reached $2650 but consolidated at $2615 and now everyone is wondering if the growth will continue, will it break the resistance of $2650 and move to the next resistance of $2720?
Ethereum Growth Details
We have seen Ethereum consolidating above $2400 for quite some time facing resistance at $2500 and $2550. It managed to break these resistance levels and even reached the $2650 peak.
However, it did not break the $2650 resistance but reached above the 23.6% Fib retracement level of the upward wave from the $2442 swing low to the $2650 high.
It has now consolidated trading at $2615 which is above the 100 hourly simple moving average and has a major support level of $2600.
Now the main question is whether we should expect a breakout of the $2650 resistance and what might follow.
As one option we could see a decline, down to $2450 if we fall below the first major support of $2520 and the trend line or the 61.8% retracement level of the Fib ascending wave from the low of $2442 to the high of $2650.
As another option, if Ethereum breaks through $2650 and manages to consolidate, its next resistance will be $2720, which could push it up into the $2800 price and resistance line in further sessions. If it holds here as well, the declining bullish trend will reverse and we might see new resistance lines at $2880 or $2920.
Conclusion
Ethereum seems to be starting to come to life, but it’s too early to draw conclusions as the upside is not yet sustainable and the $2650 resistance has not been broken yet, consolidating the price at $2611.
Nevertheless, for now, it is trading steadily above the 100-hour simple moving average with support at $2600, well above the previous $2442.
