Ethereum Price Defies Gravity: A Bullish Run Continues

Ethereum (ETH) price has seen a remarkable surge, currently trading above $2,500. This significant jump, exceeding 35% in recent sessions, signifies a continued bullish trend. Technical indicators, such as the 100-hourly Simple Moving Average, support the upward trajectory, further validated by a connecting bullish trend line with support at $2,480 on the hourly charts.

Key Technical Indicators and Resistance Levels

Despite a minor dip below the 23.6% Fibonacci retracement level, Ethereum’s price remains firmly above the crucial $2,500 mark. Key resistance points currently include the $2,550, $2,600, and $2,620 levels. Breaking above these could unlock further gains, potentially pushing the price toward the $2,650 and even the $2,720 or $2,780 zones.

Potential for Further Corrections

However, if Ethereum fails to decisively clear the $2,550 resistance, a brief downward correction might occur. Support levels to watch include $2,470, $2,440 (and the 50% Fibonacci level), and $2,350. A sustained move below $2,440 could trigger a more significant downturn, potentially reaching $2,270 or even $2,220 in the near term. Hourly technical indicators, such as the MACD and RSI, suggest a potential moderation of the upward momentum, necessitating cautious consideration from traders.

Expert Predictions and Market Insights

Veteran trader Peter Brandt highlights a potential 'moonshot' rally to $3,800-$4,800 if ETH breaks above a rising wedge pattern on the charts. Despite this optimistic outlook, the trader also anticipates a short-term pullback due to the drop in the taker buy-sell ratio, indicating a shift in trader sentiment.

Elsewhere, experts predict a potential overtaking of Bitcoin by the Ethereum ecosystem in the coming period. Meanwhile, an oracle compromise incident at Lido Finance has not significantly impacted operations, indicating the stability of this crucial layer-2 solution.

Binance’s Impact on the Market

Elevated activity on Binance, the leading exchange for ETH trading, further bolsters the bullish narrative. Increased outflows and trading volumes on Binance suggest increased confidence in the market and robust liquidity.

Disclaimer

This analysis is for informational purposes only and should not be construed as investment advice. All investment decisions involve risk, and readers should conduct their own thorough research before making any investment choices.