Ethereum Defies Market Jitters—Bullish Breakout Looms
Ethereum’s price refuses to buckle under pressure—signaling potential for a major upward surge. Here’s why traders are betting on ETH to outperform.
The resilience play: While traditional assets wobble, ETH holds key support levels like a Wall Street banker clings to bonus season. No flashy moves—just steady accumulation.
Technical tailwinds: On-chain metrics show whales accumulating at current levels. The 2024 Merge upgrade continues paying dividends with reduced sell pressure from validators.
Cynical take: If ETH breaks out now, it’ll be the first time a crypto asset rallies when the Fed isn’t printing money—maybe the ’ultrasound’ narrative has teeth after all.
Ethereum Price Eyes Fresh Gains
Ethereum price remained stable above the $1,725 level and started a fresh increase, like Bitcoin. ETH traded as low as $1,746 and climbed back above the $1,770 resistance level.
There was a move above the 23.6% Fib retracement level of the downward move from the $1,857 swing high to the $1,746 low. The bulls even pushed the price toward the $1,800 resistance. However, there was no close above the $1,800 resistance.
The price was rejected near the 50% Fib retracement level of the downward move from the $1,857 swing high to the $1,746 low. There is also a connecting bearish trend line forming with resistance at $1,815 on the hourly chart of ETH/USD.
Ethereum price is now trading above $1,770 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,800 level. The next key resistance is near the $1,820 level.
The first major resistance is near the $1,850 level. A clear move above the $1,850 resistance might send the price toward the $1,920 resistance. An upside break above the $1,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,950 resistance zone or even $2,000 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $1,820 resistance, it could start a fresh decline. Initial support on the downside is near the $1,770 level. The first major support sits near the $1,750 zone.
A clear move below the $1,750 support might push the price toward the $1,650 support. Any more losses might send the price toward the $1,620 support level in the near term. The next key support sits at $1,550.
Technical Indicators
Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSIThe RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,770
Major Resistance Level – $1,820
