As a seasoned analyst with years of market observation under my belt, I see Ethereum’s current consolidation above the $2,580 resistance as a promising sign for potential growth. The price’s steadiness and its strategic positioning above key technical levels like the 100-hourly SMA and the forming bullish trend line at $2,600 indicate a bullish outlook.
The Ethereum price is holding its ground above the barrier of $2,580. If it manages to surpass the $2,650 resistance area, Ethereum might accelerate further.
- Ethereum remained in a positive zone above the $2,550 and $2,580 resistance levels.
- The price is trading above $2,600 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support near $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it clears the $2,650 and $2,680 resistance levels.
Ethereum Price Aims For More Upsides
The value of Ethereum held steady above the significant mark of $2,550, similar to Bitcoin, while experiencing a slight correction. It then checked the strength of its support at $2,550. More recently, Ethereum has seen a new surge, breaking through the barriers at $2,580 and $2,600.
A significant shift occurred as the price surpassed the 50% Fibonacci retracement point from the $2,685 peak to the $2,538 trough. The bulls successfully propelled the price beyond the $2,620 barrier, which had previously acted as a resistance. Additionally, an important uptrend line is emerging with support around $2,600 on the hourly chart for ETH/USD, suggesting a potential bullish trend.
Currently, Ethereum’s price is trading above $2,600 and above its 100-hour Simple Moving Average. However, as it moves upward, there appear to be obstacles around the $2,650 mark. This level seems to coincide with the 76.4% Fibonacci retracement point of the downward trend from the peak at $2,685 to the trough at $2,538.
Initially, a significant barrier lies around $2,685. If the price successfully surpasses this barrier, it might push further towards the potential resistance at $2,750. Breaking through $2,750 could potentially lead to more growth in the upcoming periods. Under these circumstances, Ether may head towards the $2,840 resistance area in the short term. The next challenges would likely be found near $2,880 or $2,920 levels.
Another Drop In ETH?
Should Ethereum be unable to surpass the $2,650 barrier, a further drop might ensue. A potential initial floor can be found around the $2,600 mark or at the trendline. The primary significant support is anticipated near the $2,570 area.
If the price falls decisively below $2,570, it could slide down to around $2,550. Further declines may lead to a drop toward the nearby support of $2,480. Importantly, the next major support can be found at approximately $2,420.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,550
Major Resistance Level – $2,650
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2024-10-18 06:40