(Technical Analysis) Ethereum Price Gains Bullish Momentum:

Ethereum’s price has begun a consistent upward trend, surpassing the $2,450 resistance level. ETH is maintaining its gains and could gain additional bullish momentum if it moves above $2,520.

The cryptocurrency has risen steadily above the $2,420 and $2,450 resistance points. Currently, it is trading above $2,440 and the 100-hour Simple Moving Average. A significant bullish trend line is forming, providing support around $2,455 on the hourly chart for ETH/USD (data sourced from Kraken). To continue its upward trajectory, the pair needs to gain momentum above the resistance levels of $2,520 and $2,550.

Ethereum’s price has established a solid base above the $2,350 mark and has begun a new upward movement. ETH successfully broke through the $2,420 and $2,450 resistance levels, entering a bullish zone and outperforming Bitcoin.

The bullish momentum even propelled the price above $2,500, reaching a peak of $2,518 before entering a phase of consolidation. Currently, the price remains stable above the 23.6% Fibonacci retracement level from the recent upward move, which started at the $2,436 swing low and peaked at $2,518.

Ethereum is now trading above $2,450 and the 100-hour Simple Moving Average. Additionally, a significant bullish trend line is forming, providing support around $2,455 on the hourly chart for ETH/USD.