As a seasoned analyst with years of experience navigating the cryptocurrency market, I have seen my fair share of volatility and price movements. The current Ethereum price trend is one that I find intriguing.
The price of Ethereum is holding onto its gains, having surpassed the barrier at $2,550. If Ethereum manages to break through the resistance at $2,650, its growth could accelerate further.
- Ethereum started a fresh increase 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 connecting bullish trend line forming with support near $2,610 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rally if it clears the $2,650 and $2,680 resistance levels.
Ethereum Price Eyes More Upsides
Ethereum price remained stable above the $2,550 pivot level like Bitcoin. ETH cleared the $2,600 and $2,620 resistance levels. The price even spiked above $2,650 before there was a downside correction.
Once more, the price has climbed above $2,600 and continues to increase. The bulls have managed to surpass the 50% Fibonacci retracement level during the downward trend from the high at $2,685 to the low at $2,538. Furthermore, a rising bullish trend line is forming with support around $2,610 on the hourly chart of ETH/USD.
Currently, Ethereum’s price is trading above $2,600 and also above its 100-hour Simple Moving Average. However, it appears to be encountering obstacles around the $2,635 mark on its upward journey. The first significant barrier lies at approximately $2,650 level or a Fibonacci retracement level of about 76.4%, calculated from the downward swing from the peak of $2,685 to the low of $2,538.
If Ether manages to surpass the current resistance at around $2,650, it may push further upwards towards the resistance levels of $2,680 and potentially even reach as high as $2,750 in the short term. However, significant challenges lie ahead at approximately $2,880 or $2,920, which could serve as the next obstacles for its upward momentum.
Another Drop In ETH?
Should Ethereum not manage to surpass the $2,650 barrier, there’s a possibility of another drop in price. A potential floor could be found around $2,610, which includes the trendline as well. The primary support level lies approximately at $2,575.
If the price falls significantly below $2,575, it could potentially slide down to $2,550. Further declines could lead us towards the nearby support at $2,475. The crucial lower support lies at $2,450 in the immediate future.
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 – $2,575
Major Resistance Level – $2,650
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2024-10-17 06:40