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Ethereum Breaks Bearish Trend Line, Bulls Target $2,650

Ethereum Breaks Bearish Trend Line, Bulls Target $2,650

YellowYellow2025/03/03 09:55
By:Yellow

Ethereum 's price has initiated a fresh increase from the $2,080 zone. The second-largest cryptocurrency has reclaimed the $2,400 level but now faces significant resistance near $2,550.

The digital asset has moved above $2,350 and the 100-hourly Simple Moving Average , signaling renewed bullish momentum. Technical analysis reveals a breakthrough above a key bearish trend line that had established resistance at $2,240 on the hourly ETH/USD chart.

For continued upward movement, Ethereum must now clear the critical resistance levels at $2,500 and $2,550.

Ethereum extended its previous losses below $2,200 before buyers emerged, mirroring Bitcoin's pattern. The cryptocurrency tested the $2,080 support zone before beginning a strong recovery rally. Bulls successfully pushed the price above multiple resistance levels at $2,200 and $2,320.

The breakthrough above the bearish trend line at $2,240 was followed by a surge past the $2,500 resistance level. Ethereum established a local high at $2,550 before entering a correction phase. The price has retraced below the 23.6% Fibonacci retracement level of the upward move from the $2,173 swing low to the $2,550 high.

Ethereum now trades above both $2,350 and the 100-hourly Simple Moving Average, maintaining its bullish posture despite the minor pullback.

On the upside, Ethereum faces immediate hurdles near $2,500. The first major resistance sits around $2,520, with the primary barrier forming at $2,550. A decisive break above this level could propel the price toward $2,650. Should bulls maintain momentum above $2,650, Ethereum could target the $2,780 resistance zone or potentially reach $2,850 in the near term.

The alternative scenario suggests potential downside if Ethereum fails to overcome the $2,550 resistance. Initial support exists near $2,400, with the first major support level at $2,360, coinciding with the 50% Fibonacci retracement level of the recent upward move. Breaking below $2,360 could trigger a decline toward $2,320. Further losses might drive the price to the $2,220 support level, with the next significant support resting at $2,080.

Technical indicators present a mixed picture. The hourly MACD for ETH/USD is losing momentum despite remaining in the bullish zone. Meanwhile, the hourly RSI stands above the 50 level, indicating moderate bullish sentiment.

Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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