Ethereum has outperformed by breaking past the $2,560 zone, signaling renewed bullish momentum. Price surged above key $2,600 resistance region and even touched the $2,620 barrier. It registered a high at $2,627, and the price is currently holding steady and consolidating gains above key technical support regions.
Ethereum currently trades above $2,580 and holds stable above the 100-hourly Simple Moving Average. A strong bullish trend line also lies below theasset at $2,550. Such a configuration reflects that buyers continue to lead. The 23.6% Fibonacci retracement of the $2,515 swing low to the high of $2,627 now also holds as a stabilizing floor.
Ethereum Hits Resistance Around $2,620 Mark
On the upside, ETH has initial resistance at $2,620, with other tougher barriers around $2,650 and $2,680. A clean breakdown above $2,680 will hasten further gains, aimed at the $2,780 level. If the bulls breach $2,780, Ethereum will surge towards $2,880 and possibly reach the $2,920 area in the near term.
Staking data reinforces the bullish argument. According to CryptoQuant, more than 35.8 million ETH are currently staked, which represents an all-time high. This indicates increasing confidence in Ethereum’s Proof-of-Stake consensus. When increasing amounts of ETH are locked away, circulating supply decreases, which should normally have bullish implications. However, for the moment, prices are relatively flat.
Failure to Breach $2,620 Risks Downside Slide
Despite bullish fundamentals, ETH remains range-bound. Exchange reserves are at historic lows, institutional interest is rising, and staking demand is surging. ETH is currently trading just below the $2,620 resistance and lacks the conviction needed for a full breakout.
However, if Ethereum manages to break above $2,736, this could confirm a bullish continuation structure. Until then, the market stays on edge, with Ethereum acting like a compressed spring ready to snap.
If ETH cannot pass $2,620, it could slip down once more. Immediate support comes close to $2,570, while firmer cushions are found at $2,520 and the upward trend line. A breakdown below $2,520 could take Ethereum down to $2,450. Further deterioration could even take ETH down towards the $2,350–$2,320 region in the near future.
