Ethereum has displayed impressive bullish momentum in recent trading sessions, with the second-largest cryptocurrency by market capitalization currently trading at $2,666.30.
Price has completed a shallow pullback after its strong surge earlier this month, closing marginally past the latest highs and setting its sights on the next upside targets marked by the Fibonacci extension tool, including the next major psychological barrier at $3,000.
Possible Bullish Targets
Ethereum has established a clear bullish structure on the hourly chart, with higher lows and higher highs, but a potential pullback or continuation could ensue depending on how it reacts at current levels.
Looking at the Fibonacci extension levels drawn from the previous major swing, we can identify several important price targets. The 0.382 Fibonacci level at $2,742.87 represents the immediate resistance, followed by the 0.5 level at $2,844.01.
Should bullish momentum persist, the 0.618 Fibonacci level at $2,945.14 would be the next significant barrier, with the 0.764 level at $3,070.27 serving as a major resistance zone before potentially testing the full extension at $3,272.54.
Ethereum is currently showing signs of hesitation after reaching the recent high, which could indicate a minor pullback toward the 0 Fibonacci level at $2,415.47. This area aligns with the previous resistance zone that has now flipped to support, providing a potential entry opportunity for traders looking to join the uptrend.
Mixed Technical Clues
The moving average configuration presents a bullish picture, with the price trading comfortably above both the 100 SMA (blue line) and 200 SMA (red line). The 100 SMA is positioned above the 200 SMA, confirming that the path of least resistance is to the upside. The widening gap between these moving averages suggests accelerating bullish momentum, though traders should be cautious of potential overextension.
The technical oscillators are showing mixed signals that deserve attention. The stochastic oscillator has reached the overbought territory and appears to be turning lower, suggesting that bullish momentum may be temporarily exhausted. This could indicate a short-term pullback before the next leg up.
Meanwhile, the MACD (Moving Average Convergence Divergence) indicator displays positive momentum with the blue line above the orange signal line. However, the recent convergence suggests diminishing momentum that could precede a correction or consolidation phase. The green histogram bars are showing signs of shrinking, which typically occurs before a potential shift in price direction.
Volume analysis shows increased activity during the recent price advance, confirming genuine buyer interest that could sustain further gains. However, the diminishing volume in the most recent candles suggests waning participation, which could indicate a temporary pause in the rally.
Ethereum’s technical outlook remains predominantly bullish within the context of its longer-term uptrend. The cryptocurrency continues to benefit from anticipation of further blockchain upgrades and growing institutional adoption. Additionally, the overall crypto market sentiment appears positive, with Bitcoin’s strength providing a supportive backdrop.
