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