- Ethereum retests $2,620 support, holding above key moving averages and confirming bullish structure.
- A MACD crossover and RSI above 50 suggest strong momentum and potential for a continued uptrend.
- ETH eyes breakout above $2,800, with the next major resistance seen near the $3,375 sell wall.
Ethereum confirms a bullish retest of the crucial $2,620 support after a recent bull run Higher from $1,808 to $2,736. Now, the price is consolidating above this level which indicates that the buyers are trying to protect the trend structure and seek for continuation. Ethereum remains above its 200-day moving average, reinforcing the strength of the current move.
Ethereum Retests Support While Staying Above Moving Averages
According to analysis prepared by Merlijn The Trader, Ethereum has triggered another MACD crossover. This technical signal has previously aligned with price rallies. Following this signal, ETH gained over 43% before facing a 7% correction on May 12. The cryptocurrency found support at $2,620 and has remained above it since.
At the time of reporting, Ethereum is trading around $2,641 and remains above the 100-hourly Simple Moving Average. Momentum continues to favor the bulls as the price stays above key short-term supports, including $2,575 and $2,600. The RSI is also holding above the 50 zone, indicating buying pressure is still active.
The retest of $2,620 as support confirms that Ethereum is respecting its bullish structure. This level, previously a resistance during the climb, now serves as a base for potential upward movement. According to CW8900 via X, if Ethereum breaks through the current sell wall, the next resistance is around $3,375.
Price Structure Points Toward Continued Uptrend
Ethereum is approaching resistance near the $2,750–$2,800 area. This zone combines several technical levels, including a 0.618 Fibonacci retracement. If this area is broken with volume, ETH could continue toward $2,880 and possibly $2,950.
Despite a temporary pause in upward momentum, Ethereum remains supported above its long-term moving average. This structure suggests that any pullback could be shallow. The broader market also supports this trend, with Bitcoin and altcoins gaining strength across the board.
Ethereum is currently preparing for the next potential breakout while holding firmly above previous resistance levels, now confirmed as support.
