Ethereum Price Resumes Its Climb: Is a Bigger Rally on The Way?

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As a seasoned crypto investor with years of experience navigating the volatile digital asset market, I can confidently say that Ethereum’s recent surge above the $2,500 resistance is a promising sign. Having weathered numerous market fluctuations, I am cautiously optimistic about ETH‘s potential to break the $2,620 barrier and aim for even higher levels.

Ethereum‘s price stabilized around $2,350 and has since seen an upward trend. The cryptocurrency is climbing and could potentially break through the $2,580 resistance level.

  • Ethereum started a fresh surge above the $2,500 resistance zone.
  • The price is trading above $2,500 and the 100-hourly Simple Moving Average.
  • There was a break above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if it settles above $2,580 and $2,620.

Ethereum Price Restarts Increase

The cost of Ethereum stabilized around $2,350 and then began a new upward trend, similar to Bitcoin. Notably, Ethereum surpassed the resistance levels of $2,420 and $2,450, positioning itself in a favorable zone.

The price action reached and surpassed the 50% Fibonacci retracement level from the price swing between the high of $2,583 to the low of $2,357. Additionally, there was a break above a significant bearish trend line with resistance at $2,460 on the hourly Ethereum-to-US-Dollar chart.

Currently, Ethereum’s price is being transacted over $2,500 and it exceeds the 100-hour Simple Moving Average. Moreover, it sits above the 76.4% Fibonacci retracement level of the decline from the peak of $2,583 to the low of $2,357.

Looking on the positive side, it appears that the price may be encountering obstacles around the $2,580 mark. The first significant barrier lies at approximately $2,620, and a more substantial one is forming at $2,650. If we see a clear breakthrough above the $2,650 resistance, it could potentially drive the price up to the $2,720 level.

If Ether manages to surge past its current resistance at around $2,720, it could potentially lead to further increases in the forthcoming trading periods. Under such circumstances, we might expect Ether’s price to move closer to the next potential resistance level situated around $2,750.

Another Drop In ETH?

Should Ethereum be unable to surpass the $2,620 barrier, it might trigger a fresh drop. A potential floor in this scenario could be around $2,520. The initial significant support, however, is expected near the $2,500 region.

If the price drops significantly below $2,500, it could potentially slide down to around $2,450. Further declines may lead to a fall towards the nearby $2,320 support. Crucially, the next significant support lies at approximately $2,350.

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 – $2,450

Major Resistance Level – $2,620

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2024-11-06 06:22