Ethereum Faces Resistance at $2,615 After Rebound

The price of Ethereum has initiated a new upward movement from the $2,375 level, similar to Bitcoin's recent trend. ETH surpassed the $2,500 resistance mark and entered a positively charged phase. Bulls managed to push the price above the 76.4% Fibonacci retracement of the recent decline from $2,523 to $2,372, and broke through the $2,550 resistance, reaching a peak at $2,614. Currently, Ethereum consolidates these gains while trading above $2,550 and the 100-hour simple moving average. A short-term contracting triangle with support at $2,560 is forming on the hourly chart, indicating potential for further upward movement if stability is maintained above the $2,550 threshold. On the upside, resistance exists near $2,615 (aligned with the 1.618 Fibonacci extension), with additional resistance levels at $2,650 and $2,665. A decisive move beyond $2,665 could propel Ethereum towards $2,720, with possibilities of testing $2,750 or even $2,800 in the near term. Conversely, failure to break above $2,615 may lead to a pullback, with initial support at $2,560, followed by $2,550, and further down to $2,520, $2,450, and $2,350 levels. Technical indicators show the MACD losing bullish momentum but RSI staying above 50, suggesting cautious optimism. Overall, Ethereum appears poised for potential gains if it sustains above key support levels, but resistance at $2,615 and beyond remains critical to watch for confirming the next move.