Ethereum Price Gets a Boost
Ethereum consolidated a base above $2,500 while witnessing a renewed price increase above the resistance against the US Dollar at the $2,600 mark. The up-and-coming cryptocurrency’s value is on a path to rally even further higher around $2,720.
The break occurred above a bearish trend with resistance close to $2,850 on the ETH/USD hourly chart. Above this mark, ETH’s price could reach new highs, potentially rising to $2,880.
However, should the digital coin stop its upward trend above $2,725, traders could expect a downside correction. The primary support is near $2,660, and the next key support is close to $2,640, while the main support is in process of forming around the $2,580 level. Nonetheless, increased losses could resort the coin to settle closer to $2,500 in the short term.
With this in mind, the second-largest cryptocurrency could be heading to a temporary deeper slide. But looking back to November 2021, ether has been trending slightly lower as sellers ran out of steam close to $2,200 in late January 2022, thus setting the figure as psychological crucial support. Since then though, a consistent bearish bias appeared across timeframes, with put-call skews returning positive values.