- Ethereum recently surpassed $2,600 but faces resistance amid macro market uncertainty.
- ETH trades above $2,540 and 100-hour SMA, with crucial support near $2,450.
- Breaking above $2,720 may lead to strong gains, pushing Ether toward $3,000 resistance.
Ethereum crossed the $2,600 mark yesterday, signaling a burst of bullish momentum. However, the rally was short-lived as macro market uncertainty quickly restrained further gains. Despite the resistance, Ethereum remains firmly above key demand zones, keeping its bullish structure intact and drawing attention from both retail investors and institutional traders alike.
Currently, Ethereum is trading within a well-defined rising channel, testing crucial support at the $2,450 level. Analysts predict that the area has repeatedly acted as a foundation for recent rebounds. A successful defense of this support could result in a strong upside push, possibly reigniting a rally toward the psychological $3,000 resistance mark.
Bullish Potential Eyes $3,000 as Ethereum Outpaces Bitcoin
Ether began a recovery from the $2,470 level, outperforming Bitcoin in the process. It surged above $2,500 and overcame resistance at $2,540, clearing the 50% Fibonacci retracement level of the decline from $2,788 to $2,470. However, bears are now guarding the $2,660 zone, where price action has become increasingly choppy.
A short-term rising channel broke near the $2,580 mark on the hourly ETH/USD chart, causing renewed selling pressure. Still, ETH remains above the $2,540 level and its 100-hourly Simple Moving Average. Immediate resistance lies near $2,620, with stronger resistance forming near $2,650 and $2,660 a level backed by Fibonacci metrics.
Breakout Above $2,720 Could Spark Massive Rally
If Ethereum clears the $2,660 hurdle convincingly, a test of $2,720 becomes likely. A breakout above $2,720 could set the stage for more aggressive gains. In this scenario, ETH may rapidly climb toward $2,780, with bullish targets extending to $2,880 in the short term as buying interest builds.
Runefelt affirmed that Ethereum’s inability to break the lower limit on the daily chart is a bullish signal. He pointed out that if Bitcoin remained motionless for a while, Ether could burst upwards out of the consolidation triangle.
Ethereum’s consolidation phase is the probable formation of the mouth of an ascending triangle. The beginning of April has already seen a sequence of higher lows confirming that prices are holding above a group of significant moving averages.
The level of $2,300 is the most likely point to pull them back, and at the same time, $3,100 is the limit that may be achieved on the upside. A breakout from the current range could send Ethereum to new cycle highs and boost confidence in altcoins.
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