As a seasoned researcher who has navigated the volatile cryptocurrency market for years, I must say that Ethereum’s price action is intriguing. The consolidation above $2,700 is a promising sign, but a clear break above the $2,785 resistance zone is needed to confirm a bullish trend.
The Ethereum price is holding steady above the $2,700 barrier, indicating a potential build-up of strength. If Ethereum manages to surpass the resistance at $2,785, it may trigger a bullish trend.
- Ethereum is struggling to gain pace for a move above the $2,800 level.
The price is trading above $2,700 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2,720 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if there is a close above $2,780.
Ethereum Price Starts Consolidation
The cost of Ethereum held firm above the $2,650 threshold, establishing a strong foundation for growth. Subsequently, it began a gradual ascent beyond the $2,720 mark. A significant push was seen aiming towards the $2,820 price point.
Initially, Bitcoin reached a peak at $2,820, but since then it’s been correcting its growth. There was a slight dip that took it below the $2,780 point. The price subsequently fell lower than the 23.6% Fibonacci retracement line of the upward trend from the $2,536 low to the $2,820 peak.
As a crypto investor, I’m excited to see Ethereum (ETH) trading above the $2,720 mark and hovering just above its 100-hour Simple Moving Average. What’s more, there’s a notable bullish trend line shaping up on the hourly chart of ETH/USD, offering support at the same price point. This positive development suggests a potential upward trajectory for Ethereum in the near future.
Should there be another rise, the Ether price could encounter obstacles around $2,780. The first significant barrier is roughly at $2,820. Overcoming $2,820 might push Ether towards the $2,880 resistance level. A further key hurdle lies near $2,950. If Ether manages to breach the $2,950 resistance, it may continue upward, potentially reaching the $3,000 resistance area in the short term.
Another Decline In ETH?
If Ethereum doesn’t manage to break through the $2,780 barrier, there could be a potential drop in value again. The initial support levels can be found around $2,720 and the trend line. A more substantial support lies around the $2,675 area or the 50% Fibonacci retracement level of its upward journey from the $2,536 low to the $2,820 high.
Moving below the $2,675 mark could potentially drive the price down to around $2,620, a point where buyers may re-emerge. If the decline continues, the price might head towards the near-term support level at $2,550. The critical support lies further down at $2,500.
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 – $2,720
Major Resistance Level – $2,780
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2024-08-26 07:52