Ethereum Breaches $2,650 Resistance Mark, Outpacing Bitcoin's Performance, Targets $3,000 Resistance Zone

Ethereum has experienced a steady increase, breaching the $2,650 resistance mark and surpassing Bitcoin's performance, potentially setting the stage for a rally

Ethereum price analysis reveals a steady rise, breaching the $2,650 resistance and outperforming Bitcoin, setting the stage for a potential rally toward the $3,000 resistance zone.

After breaking through the $2,580 and $2,650 levels, the cryptocurrency initiated a fresh upward trend. It is now trading above $2,670 and the 100-hour Simple Moving Average. A critical contracting triangle has formed with support at $2,670 on the hourly ETH/USD chart, suggesting the potential for further gains if Ethereum clears the $2,750 resistance zone.

The uptrend began from a support zone around $2,520. As Ethereum outpaced Bitcoin, it successfully crossed the $2,650 resistance threshold, with moments of surging above $2,720. After reaching a recent peak of $2,732, the price entered a consolidation phase and dipped below the $2,700 mark, specifically dropping under the 23.6% Fib retracement level from its rise between the $2,613 swing low and the $2,732 high.

However, Ethereum remains above $2,670 and the 100-hour Simple Moving Average. The contracting triangle, whose support aligns with the 50% Fib retracement level between $2,613 and $2,732, hints at the potential for further upward movement. If the price rises again, it may encounter resistance around $2,720. The initial major resistance stands at $2,750, and a close above this level could propel Ether toward the next resistance at $2,820.

Should the upward momentum continue, the subsequent key resistance would be approximately $2,880. Breaking past $2,880 could pave the way for Ethereum to approach the significant $3,000 resistance zone in the near term.

On the other hand, if Ethereum fails to overcome the $2,720 resistance, a gradual decline could ensue. The initial support on the downside lies near $2,670 along the triangle’s trend line. Another major support is situated around the $2,640 zone and the 100-hourly SMA. A decisive move below the $2,640 support could push the price further down toward $2,620, and additional losses might lead to a decline toward the $2,550 support level. The next key support in this downward scenario is around $2,520.

Technical indicators suggest that Ethereum’s hourly MACD is losing momentum within the bullish zone, while the hourly RSI remains above the 50 mark. The major support level to watch is $2,670, and the major resistance level is $2,750.

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