- ETHUSD jumps over 5%, eyes mediumterm downtrend line resistance
- Reclaims close above the 20 and 50day SMAs
- Momentum improves but still lacks strong followthrough
Ether (ETHUSD) is edging higher, trading above 2,250 for the first time since March 18, and is now eyeing resistance at a mediumterm descending trendline just overhead.
A break higher would expose the 38.2% Fibonacci retracement of the January 14-February pullback near 2,375, aligning with midMarch highs. Beyond this, the 50% Fibonacci retracement at 2,571 is a key upside level, with a clean break potentially paving the way toward 2,767.
That said, the nearterm bias remains cautiously bullish. The RSI is tilting higher above the neutral 50 level, reinforcing the recovery, while the MACD remains flat around the zero line, signalling that upside momentum is still muted and arguing against a runaway rally for now.
On the downside, a pullback below the 23.6% Fibonacci retracement at 2,133 would bring the rising 20 and 50day simple moving averages (SMAs) back into focus just above the psychological 2,000 level. A deeper retracement could target the recent swing low near 1,935, followed by the lower bound of the multimonth consolidation range around 1,850.
Overall, Ether is stabilising just below the key descending trendline. A decisive break above this barrier could revive bullish positioning toward the 2,300-2,500 zone. That said, the 200day SMA remains well above current price action, continuing to flag the dominant longerterm downtrend.
