The price of Ethereum breaks $2,600, the market shows bullish signs
TLDR
Ethereum price increased by more than 5%, broke the resistance levels of $2,500 and $2,550. The breakout trend line is forming support near $2,520 on the hourly chart. $2,520 is possible for further gains if ETH clears the $2,650 resistance
Ethereum, the second-largest by market capitalization, has seen a sharp rise in price in recent hours, rising more than 5% and breaking through key resistance levels.
The price movement caught the attention of traders and investors, surpassing the gains seen in bitcoin over the same period.
The rally began when Ethereum formed a stable base above the $2,400 mark, which served as a springboard for an upward move.
Bulls have shown strong buying pressure by successfully pushing the price above the $2,450 and $2,500 resistance levels. This speed is to test Ethereum's $2,600 limit, the price reached a high of $2,650 in the area.
According to the latest data, Ethereum is trading comfortably above both the $2,550 level and the 100-hourly simple moving average, indicating continued bullish sentiment in the short term.
Technical analysis shows the formation of a key bullish trend line with support near $2,520 on the hourly chart of ETH/USD, suggesting that buyers dominate the market for now.
The current price action shows that Ethereum is wrapping up its recent gains, with the price swinging above the 23.6% Fibonacci retracement level from the $2,442 low to $2,650 in the uptrend.
This strengthening can be seen as a rest period before you raise another pressure.
Looking at the immediate future, Ethereum will face the next critical hurdle near the $2,640 to $2,650 range. A critical break above this protection zone could pave the way for further gains, with the next target being the $2,720 level.
If the bullish momentum continues and the price pushes above $2,720, analysts suggest that Ethereum could make a run towards the psychologically important $2,800 mark.
