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Ethereum Breaks Above $2,950 Amid Rising Momentum
Ethereum price has recently demonstrated a notable upward move, following a trend similar to Bitcoin. ETH successfully surpassed key resistance levels at $2,920 and $2,950, signaling entry into a positive zone. Market observers noted that the bulls managed to push the price above the 61.8% Fibonacci retracement of the downward move from the $3,175 swing high to the $2,775 low.
Ethereum’s price even surged past the $3,050 resistance zone, though selling pressure reappeared near $3,080. Despite this, the cryptocurrency remains in a rising trajectory, with current trading above $2,980 and the 100-hour Simple Moving Average (SMA) providing additional support.
Hourly Chart Analysis and Rising Channel
Technical charts show that Ethereum is forming a rising channel, with support currently around $2,975 on the hourly chart. This pattern suggests that the near-term trend remains upward, though short-term resistance levels may impact the pace of gains.
“If Ethereum continues to hold above $2,980 and the 100-hour SMA, the next targets could test higher resistance zones,” analysts indicate. Observers point to the $3,050 level as the first potential barrier to upward momentum, with a key resistance at $3,080, corresponding to the 76.4% Fibonacci retracement of the recent decline.
Key Resistance Levels and Potential Upside
Beyond $3,080, Ethereum could encounter the next significant resistance around $3,150. A clear break above this level might pave the way for additional gains toward $3,220. In a scenario where bullish momentum persists, Ether could reach $3,250 or even $3,265 in the near term.
Technical analysts emphasize that a sustained breakout above these levels could signal a continuation of the short-term upward trend. The combination of rising channel formation, SMA support, and recovery above critical Fibonacci retracement levels all contribute to a cautiously optimistic outlook.
Possibility of a Short-Term Decline
While Ethereum shows signs of upward momentum, a failure to surpass the $3,080 resistance may trigger a corrective move. Initial support on the downside lies near $2,980, followed by the trend line acting as a dynamic support level.
If downward pressure intensifies, the first major support is identified around $2,915. Analysts note that a breach below $2,915 could expose Ethereum to further declines toward $2,840, with an additional support zone at $2,800. The next critical support remains at $2,775, coinciding with the previous swing low.
Technical Indicators and Market Sentiment
Ethereum’s near-term price action reflects the ongoing tug-of-war between bulls and bears. The rising channel indicates short-term strength, while Fibonacci retracement levels provide reference points for potential reversals.
Traders and analysts watch for sustained trading above $2,980 and the 100-hour SMA, which could maintain the bullish bias. Conversely, repeated rejections at $3,080 may lead to consolidation or a short-term decline, emphasizing the importance of monitoring key support and resistance zones.
Short-Term Outlook
Ethereum remains in a dynamic trading range, with potential to test multiple resistance levels if bullish momentum persists. Key levels to watch on the upside include $3,050, $3,080, $3,150, and $3,220, while downside protection exists at $2,980, $2,915, and $2,840.
Market participants note that the overall trend remains positive as long as the rising channel and SMA support hold, yet volatility around $3,080 could shape short-term price movements. Analysts suggest closely observing the interaction between price action and Fibonacci retracement levels, which have historically acted as significant turning points in Ethereum’s price trajectory.
