Ethereum ($ETH), the top altcoin, is experiencing a renewed optimism among the investors. As per the latest data, Ethereum ($ETH) has surged to the bullish price level of $2,550 amid the positive trading momentum. In this respect, the prominent crypto coin is getting wider attention across the market.
Ethereum Price Enters Positive Zone Amid Bullish Trading Momentum
The data reveals that Ethereum ($ETH) has surged past the notable level of up to $2,550 on Tuesday in terms of price, reaching positive trading region. This points toward the growing optimism and confidence after a weeks-long downturn in comparison with Bitcoin ($BTC). Currently, $ETH is changing hands at approximately $2,580.
In addition to this, a newly formed bullish trend offers significant support around the $2,550 level. The respective trend line appears to be a noteworthy contributor against the provisional selling pressure. At present, the market onlookers indicate the need for Ethereum to surge above the price resistance at $2,620. Thus, once it effectively clears this hindrance, there is a chance to attain the $2,650 as well as $2,680 shortly.
Even then, there is some caution concerning a slight price pullback. In such a case, a minor drawdown could test Ethereum’s support at $2,570 and then at $2,520. However, if further plunge occurs, $2,450 and $2,350 levels also work as support, highlighting chance of richer buying interest.
Raising Speculation for Wide-Scale Price Recovery in Near Term
On the other hand, in line with the technical indicators, Ethereum is going through cautious optimism. Specifically, the hourly MACD presents signs of diminishing momentum, although it is still green.
In the meantime, the Relative Strength Index (RSI) is maintaining its position above 50 points, signifying that the balance is slightly backing buyers. Overall, Ethereum’s trading session on Tuesday has reinforced its potential for recovery from recent price lows.
