As a seasoned analyst with years of market analysis under my belt, I find myself quite intrigued by Ethereum’s recent surge past the $2,500 resistance level. The price action is reminiscent of a well-oiled machine, climbing steadily and purposefully.
The cost of Ethereum initiated an uptrend surpassing the $2,500 barrier. Currently, Ethereum’s price is accelerating beyond $2,600 and could potentially keep climbing higher.
- Ethereum started another increase from the $2,400 resistance.
The price is trading above $2,550 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,650 resistance to continue higher in the near term.
Ethereum Price Climbs Over 5%
The value of Ethereum held strong and continued to rise, surpassing Bitcoin. Ethereum managed to break through the resistance at $2,450 and $2,500, with the bulls pushing the price even beyond the $2,500 level.
Lately, the price has moved beyond the 76.4% Fibonacci retracement level from the drop between the peak of $2,633 to the trough of $2,528. Now, it’s exhibiting optimistic trends and trading above the recent high point at $2,633.
As a crypto investor, I’m observing that Ethereum’s current trading price has surpassed $2,635 and is now resting comfortably above its 100-hour Simple Moving Average. Furthermore, an encouraging bullish trend line seems to be taking shape on the hourly chart of ETH/USD, offering potential support at around $2,550.
On a positive note, it appears the price may encounter obstacles at approximately $2,650 or the 1.236 Fibonacci extension point of the downward correction from $2,633 peak to $2,528 trough. The initial significant resistance lies around $2,680, with another key resistance approaching $2,720.
If Ether manages to push beyond its current resistance at around $2,720, it might signal further increases. In such a scenario, we could expect Ether’s price to head towards the nearby resistance zone of approximately $2,800 in the short term. The next significant challenge for Ether is expected near the $2,880 or $2,920 levels.
Are Dips Supported In ETH?
Should Ethereum not manage to surpass the $2,650 barrier, it might initiate a possible decline. A potential initial floor could be found around $2,590. The primary significant support level lies approximately at the $2,550 region, with the trendline zone serving as additional support.
Moving beneath the $2,550 resistance could potentially drive the price down to around $2,525. Further declines could see it approaching the short-term support of $2,450, while a crucial longer-term support is found at $2,320.
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 – $2,525
Major Resistance Level – $2,650
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2024-09-23 12:43