As a seasoned analyst with over a decade of experience in the crypto market, I have seen my fair share of bull runs and bear markets. With that said, I am particularly bullish on Ethereum right now. The recent surge above the $2,650 resistance is a strong indication of Ethereum’s momentum, and if history is any guide, we could see ETH rallying toward the $3,000 resistance zone in the near future.
Ethereum‘s price has been climbing steadily past the $2,650 barrier. At present, Ethereum is outperforming Bitcoin and could potentially reach the resistance level of $3,000.
- Ethereum started a fresh increase above the $2,580 and $2,650 levels.
The price is trading above $2,670 and the 100-hourly Simple Moving Average.
There is a key contracting triangle forming with support at $2,670 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend gains if it clears the $2,750 resistance zone.
Ethereum Price Eyes More Upsides
Initially, the cost of Ethereum began a notable rise after finding support at approximately $2,520. Notably, Ethereum outshone Bitcoin and managed to break through the hurdle of $2,650 in price. The value even peaked above the $2,720 level.
Currently, the highest point in recent price fluctuations occurred at $2,732. Now, the price is holding steady during consolidation. However, it’s showing a downward trend and has dipped below the $2,700 mark. There was also a decline below the 23.6% Fibonacci retracement level, which represents a significant support level following the upward surge from $2,613 to $2,732.
Currently, Ethereum’s price is being traded over $2670 and is above its 100-hour Simple Moving Average. Additionally, a significant contracting triangle pattern is emerging on the hourly ETH/USD chart with support at $2670. This support level aligns with approximately 50% of the price’s upward movement from the $2613 low to the $2732 high.
If a further rise occurs, the Ether price could encounter obstacles around $2,720. The initial significant resistance is found near $2,750. Breaking above $2,750 could potentially propel Ether towards the $2,820 resistance level.
In simpler terms, if the price manages to surpass approximately $2,880 (which currently acts as a barrier), it could potentially rise towards the anticipated resistance level of around $3,000 in the short term.
Another Drop In ETH?
If Ethereum doesn’t manage to break through the $2,720 barrier, it might gradually decrease in value. A potential floor for this drop could be found around $2,670 which also coincides with the trend line of the triangle. The initial substantial support lies near $2,640 and is also where the 100-hour Simple Moving Average (SMA) resides.
If the price falls significantly below $2,640, it could potentially drop to around $2,620. Further declines may lead to the price testing the $2,550 support shortly. The significant support level is currently at $2,520.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,670
Major Resistance Level – $2,750
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2024-08-14 06:43