Ethereum Primed for Breakout — Can Bulls Smash Through Key Resistance?

Ethereum's price action is teasing a major move—again. After weeks of consolidation, ETH looks ready to challenge overhead resistance. But will this rally have legs, or is it just another fakeout to trap overeager traders?

The Setup: ETH's chart shows a textbook bullish pennant forming since May. Volume's ticking up, and the 50-day moving average just crossed above the 200-day. Classic breakout ingredients—if you ignore the three previous 'sure things' that fizzled.

Make or Break: Clearing $3,800 opens the path to retest all-time highs. Fail here, and we're back to range-bound purgatory. Watch for follow-through—crypto 'breakouts' love to reverse just after retail FOMO kicks in.

Wildcard: Bitcoin's halving euphoria could spill over... or ETH might get stuck playing second fiddle again. Either way, hedge funds are already placing bets—probably with your pension fund's money.

Ethereum Price Eyes More Gains

Ethereum price started a fresh increase above the $2,200 support level, like Bitcoin. ETH price was able to clear the $2,220 and $2,250 resistance levels to move into a positive zone.

The bulls even pushed the price above the 61.8% Fib retracement level of the downward wave from the $2,568 swing high to the $2,115 low. However, they are now facing hurdles near the $2,480 and $2,500 levels. ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average.

The price is now just above the 76.4% Fib retracement level of the downward wave from the $2,568 swing high to the $2,115 low. On the upside, the price could face resistance NEAR the $2,500 level. The next key resistance is near the $2,550 level.

The first major resistance is near the $2,565 level. A clear move above the $2,565 resistance might send the price toward the $2,650 resistance. An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,720 resistance zone or even $2,800 in the near term.

Another Decline In ETH?

If ethereum fails to clear the $2,500 resistance, it could start a fresh decline. Initial support on the downside is near the $2,390 level and the trend line. The first major support sits near the $2,350 zone.

A clear move below the $2,350 support might push the price toward the $2,320 support. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,150.

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 – $2,350

Major Resistance Level – $2,500