The cost of Ethereum began a new upward trend after finding support at around $2,300. Ethereum could potentially push beyond its current resistance level of approximately $2,550.
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Ethereum started a decent increase above the $2,350 and $2,420 levels.
The price is trading above $2,420 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2,435 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,525 and $2,550 resistance levels to continue higher in the near term.
Ethereum Price Aims Higher
As a researcher, I observed that the value of Ethereum held steady above the $2,300 mark, subsequently initiating an upward trend. Remarkably, Ethereum surmounted the resistance at $2,350, propelling it into a favorable zone similar to Bitcoin.
The cost surpassed the barrier of $2,400 and managed to rise above it. Additionally, it moved beyond the 50% Fibonacci retracement level from the peak at $2,656 to the trough at $2,310. Lastly, the bulls successfully drove the cost past the $2,500 resistance mark.
As a researcher, I find myself observing that the current Ethereum price has surpassed the $2,450 mark and is aligning with the 100-hour Simple Moving Average. Additionally, a significant bullish trend line seems to be taking shape on the hourly ETH/USD chart, offering support at approximately $2,435.
From a positive perspective, the price appears to be encountering obstacles around the $2,525 mark. This level is nearly identical to the 61.8% Fibonacci retracement point of the downward trend that began at the $2,656 peak and ended at the $2,310 trough. If we see a decisive break above the $2,525 barrier, it could potentially propel the price towards the next resistance at $2,550.
If Ether manages to surge past its current resistance at $2,550, it might indicate further growth in the upcoming trading periods. In such a scenario, we could expect Ether to approach the $2,650 resistance area quite soon. The next challenges for Ether would likely be found near the $2,720 or $2,740 levels.
Another Decline In ETH?
If Ethereum doesn’t manage to surpass the $2,525 barrier, there might be a renewed drop. A potential initial floor could form at around $2,450. The primary significant support lies in the vicinity of the $2,420 zone and the trend line.
Dropping below the $2,420 resistance could potentially lead to a fall towards $2,350. Further declines may drive the price down to the nearby $2,320 support. The crucial support level lies around $2,250 in the short term.
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 – $2,420
Major Resistance Level – $2,525
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2024-10-07 06:40