Ethereum has successfully broken through the long-standing resistance level at $2,819, setting the stage for further growth towards the target of $3,600.
Breakout Above $2,819
Ethereum has cleared a crucial resistance at $2,819, which has served as a barrier for upward movements for several months. This breakout was confirmed by a strong impulsive candle and further acceptance of prices above this level. If ETH manages to hold this area as support on a bullish retest, it signals strength in the current uptrend.
Fibonacci and Upcoming Levels
Currently, the 0.618 Fibonacci level is sitting just above the current price and may cause a short-term rejection. A rejection from this level wouldn’t necessarily indicate a bearish trend; rather, it could open the opportunity for a bullish retest of the $2,819 zone. If this retest confirms with a higher low structure, Ethereum could resume its uptrend with a target near $3,600.
Expectations for Future Price Action
If Ethereum encounters a rejection at the 0.618 Fibonacci level, a pullback to $2,819 is anticipated. Holding that level would confirm a bullish retest and likely trigger a continuation towards the $3,600 resistance. However, if ETH fails to hold above $2,819, bullish momentum may weaken in the short term. For now, the market structure remains strongly bullish, with upside potential still favored.
Ethereum's breach of the resistance level creates opportunities for further growth. The sustainability at the $2,819 level is critical for supporting the bullish trend.
