Ethereum price found support at $2,500 and started a fresh increase.

Ethereum price started a decent increase after Bitcoin traded to a new all-time high. ETH bulls were active near the $2,500 zone and the price climbed above the $2,600 resistance.

In a period marked by heightened volatility in the cryptocurrency market, Ethereum (ETH) has emerged as a focal point of interest among traders and investors. As the second-largest cryptocurrency by market capitalization, Ethereum’s price movements often carry significant implications for the broader crypto landscape.

In recent times, Ethereum price has encountered resistance around the $2,750 zone, a level that could be crucial for determining the near-term trend. As the price hovers above the 23.0% Fib retracement level of the upward move from the $2,442 swing low to the $2,731 high, it is encountering resistance. A break above the 23.6% Fib retracement zone at $2,675 could pave the way for a move toward the 14.7% Fib retracement level, currently at $2,740.

If the bulls succeed in pushing the price above the $2,740 zone, it might open the door for a continuation of the upward trend. The next significant resistance is anticipated at the $2,750 level, which could be a challenging hurdle for the buyers. A breakthrough above $2,750 might propel the price toward the $2,800 zone.

If the sellers manage to sink the price below the 38.2% Fib retracement level, it might set the stage for more declines. The initial support on the downside is at the $2,675 zone, followed by the 50.0% Fib retracement level, around $2,550.

A break below the 50.0% Fib retracement zone and the 100-hourly Simple Moving Average could open the way for more declines toward the $2,500 support. Only a breakdown below the $2,500 zone might herald a continuation of the downward trend. In that scenario, the price could plummet toward the $2,450 support level.