As a seasoned researcher with years of experience in the crypto market, I can confidently say that Ethereum is on a roll! The recent surge above the $2,650 resistance level indicates a bullish trend for ETH. With the price trading above the 100-hourly Simple Moving Average and the formation of a key bullish trend line near $2,680, I’m optimistic about Ethereum reaching towards the $2,850 mark.
The price of Ethereum is climbing beyond the barrier of $2,650 and might potentially reach $2,850 if it successfully surpasses the resistance at $2,750.
- Ethereum remained in a positive zone above the $2,580 and $2,620 resistance levels.
- The price is trading above $2,650 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support near $2,680 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it clears the $2,750 and $2,780 resistance levels.
Ethereum Price Aims For More Gains
The cost of Ethereum held steady above the $2,600 mark, similar to Bitcoin. Furthermore, Ethereum’s value climbed beyond the $2,650 barrier, pushing it even further into a favorable territory.
The cost surpassed $2,700 and reached a peak at $2,765 before pausing. It has now stabilized following a period of growth. There was a brief dip below $2,740, but the current price remains steady above the 23.6% Fibonacci retracement line, which marks the halfway point of the upward trend from the $2,576 low to the $2,765 high.
Currently, Ethereum’s price is being traded above $2,650 and it also surpasses the 100-hour Simple Moving Average. Additionally, a significant bullish trend line is shaping up at around $2,680 on the hourly ETH/USD chart. This trend line aligns closely with the 50% Fibonacci retracement level from the price drop from $2,576 to the high of $2,765.
Looking at a positive perspective, it appears that the price might be encountering obstacles around the $2,750 mark. The initial significant barrier lies at approximately $2,765. If we see a decisive break above this $2,765 barrier, it could push the price towards the potential resistance of $2,840. A surge beyond the $2,840 resistance could potentially lead to further growth in the forthcoming sessions.
In the current scenario, Ethereum might approach the resistance area around $2,880 soon. The following challenge could be encountered close to $2,920 or $2,950.
Another Drop In ETH?
If Ethereum doesn’t manage to break past $2,750, there’s a possibility of another drop. A potential floor in this scenario could be around $2,720. The primary significant support lies close to the $2,680 region and also at the trend line.
If the price drops significantly below $2,720, it could potentially fall to around $2,650. Further declines may even lead to a drop towards the immediate support of $2,620. In the short term, the significant support lies at approximately $2,550.
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 – $2,650
Major Resistance Level – $2,765
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2024-10-21 06:40