As a seasoned analyst with years of experience navigating the cryptocurrency market, I must say that Ethereum’s recent price action is quite promising. The break above the $2,600 resistance and consolidation near $2,700 indicates a strong bullish sentiment.
The cost of Ethereum began a new rise surpassing the $2,600 barrier. Ethereum could be holding its ground and potentially target a leap beyond the $2,720 resistance.
- Ethereum started a decent increase above the $2,650 zone.
- The price is trading above $2,600 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $2,650 and $2,720 resistance levels.
Ethereum Price Eyes More Gains
The cost of Ethereum established a foundation above the $2,550 mark, subsequently initiating an upward trend similar to Bitcoin. As a result, Ethereum surpassed the resistance levels at $2,600 and $2,620, positioning itself in a favorable zone.
The price even broke the $2,650 resistance. A high is formed at $2,719 and the price is now consolidating gains. There was a minor decline below the $2,680 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $2,489 swing low to the $2,719 high.
Currently, Ethereum’s price is hovering above $2,600 and is aligned with its 100-hour moving average. Additionally, a significant bullish trendline is developing, providing support at approximately $2,540 on the hourly Ethereum to US Dollar chart.
Positively, it appears the price may encounter obstacles around the $2,650 mark. The initial significant resistance lies at approximately $2,700. The primary resistance, however, is taking shape near $2,720. If the price manages to surpass the $2,720 barrier, it could potentially push the price up towards the potential resistance at $2,880.
If Ether manages to surge past its current resistance at around $2,880, it may indicate further growth in upcoming trading periods. Under such circumstances, we might see Ethereum moving towards the potential resistance level near $3,000.
Downside Correction In ETH?
If Ethereum doesn’t manage to break through the resistance at $2,650, it might trigger a drop in its price. The initial support for Ethereum could be found around the $2,600 mark or the 50% Fibonacci retracement level of the upward move from the $2,489 low to the $2,719 high.
Initially, a significant level of resistance lies around $2,540. If the price falls below this point, it could drop to approximately $2,500. Further declines may lead us to the next support at $2,450 in the short term. The following crucial support is located at $2,320.
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 – $2,600
Major Resistance Level – $2,650
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2024-10-31 07:36