Ethereum’s Daring Dance: Will It Waltz to $3K or Trip on Its Own Feet?

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Ah, the delightful Ethereum! It has found a charming little support at $2,440 and is now frolicking upwards, perhaps with dreams of pirouetting past the $2,650 resistance zone. How positively thrilling! 🎉

  • Ethereum has embarked on a rather respectable ascent above the $2,500 and $2,520 levels. Bravo! 👏
  • The price is currently prancing above $2,540, and the 100-hourly Simple Moving Average is positively beaming with pride.
  • There’s a rather dashing bullish trend line forming, with support at $2,500 on the hourly chart of ETH/USD (data courtesy of our dear friends at Kraken).
  • Should it manage to clear the $2,620 resistance, we might just see it flex its muscles! 💪

Ethereum’s Potential for a Grand Performance

Ethereum has been playing coy, lingering above $2,350 while Bitcoin has been busy breaking records. The ETH bulls have been quite the busy bees near the $2,440 zone, forming a low at $2,442 before embarking on this fresh escapade.

It has gallantly moved above the $2,500 and $2,520 levels, surpassing the 50% Fib retracement level of the downward wave from the $2,615 swing high to the $2,442 low. And look! A charming bullish trend line is forming with support at $2,500 on the hourly chart.

Currently, Ethereum is trading above $2,520 and the 100-hourly Simple Moving Average, also above the 76.4% Fib retracement level of the downward wave from the $2,615 swing high to the $2,442 low. Quite the overachiever, isn’t it?

However, on the upside, it may encounter a rather stiff resistance near the $2,620 level. The next key resistance is lurking around the $2,650 mark, with the first major resistance at $2,720. A clear move above $2,720 might just send it waltzing towards the $2,840 resistance. How delightful! 💃

Should it break above the $2,840 resistance, we could be in for a delightful surprise, with Ether potentially rising towards the $2,920 resistance zone or even flirting with $3,000 in the near term. How positively scandalous! 😏

Will Ethereum Take a Tumble?

But, dear reader, if Ethereum fails to clear the $2,620 resistance, it may very well start a fresh decline. The initial support on the downside is near the $2,525 level, with the first major support sitting at the $2,500 zone and the trend line.

A clear move below the $2,500 support might send the price tumbling towards the $2,440 support. Any further losses could lead it to the $2,420 support level in the near term. The next key support is at $2,350. Oh, the drama! 🎭

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. How positively optimistic!

Hourly RSI – The RSI for ETH/USD is now above the 50 zone. A round of applause, please!

Major Support Level – $2,500

Major Resistance Level – $2,620

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2025-05-22 06:26