Ethereum Price Analysis: ETH Short-term Pullback Risk or Key Resistance Level Breakthrough Could Trigger New Pump

Gate news, the price of Ethereum has started a new round of pump around 2,450 USD. ETH is currently correcting the rise since 2,520 USD and may fall back to the 2,320 USD area, with the following key points in price analysis:

Ethereum price starts a new round of pump above $2,350; The price is currently trading above $2,400 and the 100-hour simple moving average; On the ETH/USD hourly chart, it broke through the resistance level of $2,450 connected to the bullish trend line. If the trading pair can stabilize above $2,320 in the near term, it may trigger a new round of pump.

Ethereum price breaks below support level The price of Ethereum, like Bitcoin, has started a new pump above the support level of $2,320. The price of ETH has broken through the resistance levels of $2,350 and $2,450, entering the rise zone.

Bulls even pushed the price above the 76.4% Fibonacci retracement level from the high of $2,569 to the low of $2,115. However, bulls remain active above $2,500. The price formed a high at $2,520 and is currently correcting some of the pump.

The price of Ethereum has broken below the 23.6% Fibonacci retracement level of the upward movement from a low of $2,114 to a high of $2,520. Additionally, on the ETH/USD hourly chart, the price of Ethereum has broken below the bullish trendline (with support at $2,450).

The price of Ethereum is currently trading above $2,400 and the 100-hour simple moving average. On the upside, the price may face resistance near $2,500. The next key resistance level is around $2,520.

(Source: TradingView)

The first major resistance level is around $2,550. If it can clearly break through the resistance at $2,550, the price may drop towards $2,600. If it can break through the resistance at $2,600, more pumps may occur in the next few trading days. In this case, Ethereum could rise to the resistance level of $2,720 in the short term, or even $2,800.

(Source: NewsBTC)