Big Picture: Ethereum is steadily returning towards its recent highs, with consistent and steady momentum. Ethereum bulls may be looking for a significant breakthrough over 2720 level into the 50% Fibonacci retracements, with room for a further advance above the 3000 psychological barrier and into the 61.8% Fibonacci levels.
On the Upside price is currently beginning to hold above 2650 and steadily moving towards the 2720 level. Ethereum’s recent 52-week high will be a significant breakout point for bulls since price momentum above this level may swiftly take Ethereum into 2880, where the 50% Fibonacci retracement resides; however, bulls will also be looking for the psychological mark of 3000 if they remain persistent in their strength.
On the Downside a handful of supports have emerged. The initial waves of supports are at 2615 and 2585 levels. Below these levels of support, Ethereum’s major protection now comes from the 2520 level. This level has been the important breakout zone, resulting in the current bullish momentum. Meanwhile, this trend might be greatly strengthened if buyers can convert 2660 to 2650 into significant supporting levels.