Ethereum Surges Past $2,350, Eyes $2,500 Milestone

Ethereum Surges Past $2,350, Eyes $2,500 Milestone

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Ethereum’s value has entered a bullish phase, triumphantly ascending past the $2,350 mark. It’s a definitive shift in market sentiment as the second-largest cryptocurrency by market capitalization now eyes the $2,500 threshold.

Leading the digital currency surge, Ethereum has outshone its peer Bitcoin, exhibiting a remarkable recovery from its support level around $2,220. The upward momentum garnered strength as it pushed beyond key resistances, particularly around the $2,350 region.

The technical landscape revealed a noteworthy development—a pronounced breach of a pivotal ascending channel on the hourly charts of ETH/USD, reinforcing the confidence of market participants. The ensuing rally propelled Ethereum’s price nearing $2,400 before a slight retraction occurred.

Ethereum’s rally saw a momentary pause as prices regressed below the $2,365 level, briefly dipping under the 23.6% Fibonacci retracement mark of the recent upsurge. Yet, the pullback remained shallow, securing footing well above its 100-hourly Simple Moving Average—a comforting sign for the bulls.

Looking ahead, Ethereum faces layers of resistance, first near $2,380, and more significantly at $2,420. Breach beyond these barriers could see the digital currency challenge the $2,485 resistance zone. A sustained bullish impetus might even clear the path towards the $2,550 milestone.

Conversely, should Ethereum falter at the $2,380 resistance, we could witness a corrective phase. The initial downside buffering aligns with the $2,350 level, aligning with the recently surpassed channel trend line. Beneath this, the $2,335 support beckons—the 50% Fibonacci retracement level of the latest rally.

Industry watchers monitoring the technical indicators note the Hourly MACD’s waning bullish momentum and the RSI comfortably positioned above the median line, supporting a generally positive outlook. Nonetheless, the major supports and resistances stand firm at $2,335 and $2,380, respectively, poised to dictate Ethereum’s short-term trajectory.

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