Ethereum Finds Its Ground: Bulls Prepare for Another Rise

Ethereum has found strong support zone at the level of $2,460 and has started a new rally. After falling back from the peak zone of $2,729, ETH has recovered and is currently showing signs of continuing the upward trend, with the target to surpass the important resistance level of $2,600 in the short term. Ethereum Starts to Rise Again After Bitcoin reached a new all-time high, Ethereum also rose to the zone of $2,720 before entering a short term correction phase. During this correction, ETH fell below the threshold of $2,500 and tested support at $2,460. However, this is an important support zone and the price has bounced back from here. Currently, ETH has surpassed the short term resistance levels at $2,500 and $2,520. Notably, there has been a breakout from the bearish trend line at $2,540 on the hourly chart of ETH/USD, data from Kraken, indicating positive technical signals. In addition, the price of ETH is trading steadily above the 100-hour simple moving average (100-hourly SMA), further reinforcing the upward momentum. The Nearest Resistance Levels to Watch First resistance level: $2,600 – coincides with the 50% Fibonacci level of the drop from $2,729 to $2,463. Next resistance: $2,630 and $2,650 – if these levels are surpassed, the price could move to retest the nearest peak at $2,720. Stronger resistance: $2,800 – $2,850 if ETH continues to maintain its upward momentum. A clear breakout above the zone $2,650 - $2,720 will confirm a stronger bullish trend, potentially pushing the price towards $2,800 or higher. Will ETH be supported when it falls in price? In a negative scenario, if ETH cannot break through the resistance zone of $2,600, the price may turn to fall. Support levels to note: Nearest support: $2,520 Main support: $2,500 – if the price falls below this level, it may continue to retreat to $2,460 Deeper support: $2,420 and $2,350 – this zone plays a strategic support role if the correction trend lasts. Technical Indicator Hourly MACD: Moving in the positive zone, indicating that upward momentum is being strengthened. Hourly RSI: Has surpassed the 50 threshold, confirming a short term bullish signal. Conclusion Ethereum is showing positive recovery signals after finding solid support at $2,460. If it successfully breaks through the resistance zone of $2,600 - $2,650, ETH could enter a new upward phase, aiming for higher levels such as $2,720 and $2,800. However, investors should also pay attention to the important support zones below to manage risk in case the price reverses for a correction.