Ethereum remains steady above the $2,580 level, and a surge in bullish momentum could lead to further gains. The key resistance to watch is at $2,650, as a breakthrough could propel the price higher.
Currently, Ethereum is trading at $2,619, which is a slight decline of 0.63% from its 17-day high of $2,688 that was reached three days ago. Despite the drop, Ethereum has seen a 9% increase over the past week. However, there has been a 7% decrease in trading volume, indicating a potential shift in market sentiment.
The price of Ethereum has consolidated its gains above the $2,580 resistance level, suggesting that it could gain momentum if it manages to surpass the $2,650 resistance zone. On the hourly chart for ETH/USD, a bullish trend line has formed with support around $2,600. If Ethereum successfully breaks through the resistance levels at $2,650 and $2,680, it is likely to continue its upward movement.
Although Ethereum briefly tested the $2,550 support level, it quickly rebounded and moved past the resistance points at $2,580 and $2,600. The price even surpassed the 50% Fibonacci retracement level from its high of $2,685 to the low of $2,538, demonstrating strength. However, it may face obstacles around the $2,650 level, which aligns with the 76.4% Fibonacci retracement level.
In terms of potential scenarios, if Ethereum breaks above the key resistance level at $2,685, it could surge to $2,750. A successful climb past $2,750 might lead to further gains towards $2,840, with the next resistance points at $2,880 or $2,920.
On the downside, if Ethereum fails to break the $2,650 resistance, it could experience a decline. The initial support level is at $2,600, and there is a significant support zone at $2,570. A drop below this level could push the price down to $2,550 and potentially as low as $2,480.
Technical indicators indicate a bullish momentum in the short term, with the hourly MACD in the bullish zone and the RSI above 50. However, options data suggests that a strong breakout above $3,000 may not occur until after the U.S. elections in November.
In other news, Orderly Network has successfully deployed the Omnichain Orderbook on Solana, which is a noteworthy development in the cryptocurrency space.
