Ethereum is among the best-performing digital assets in the cryptocurrency market following the retreat from record highs of $2,550. The pioneer smart contract token tested support at $2,000 twice before staging the ongoing recovery mission.
Several resistance levels have been overcome, including the 100 Simple Moving Average (SMA) at $2,200, the 50 SMA and $2,400. At the time of writing, ETH dances at $2,415 while bulls fight for a breakout past $2,500.
The immediate downside is supported by the 50 SMA, allowing bulls to focus on higher price levels. The bullish outlook has been reinforced by the Moving Average Convergence Divergence (MACD). The confirmation appeared after the MACD line crossed above the signal line, besides the indicator has reentered the positive region.
Consequently, the Relative Strength Index (RSI) on the four-hour chart affirms that the trend is in the bulls’ hands. This indicator follows the movement of an asset and measures its strength. As it closes the gap toward the overbought region, Ethereum’s uptrend becomes apparent.
A break above $2,500 would be a significant signal for more buyers to join the market. If enough buying pressure is created behind ETH, the price will begin the next chapter of the run to new all-time highs around $3,000.
ETH/USD four-hour chart
It is worth mentioning that closing the under $2,500 would lead to an increase in overhead pressure. Besides, the position above the 50 SMA must be sustained; otherwise, Ethereum may freefall to retest support at $2,200 and $2,000, respectively.
Ethereum intraday levels
Spot rate: $2,415
Trend: High
Volatility: High
Support: 50 SMA, $2,200 and $2,000
Resistance: $2,500 and $2,550
