Ethereum Price Eyes Bitcoin’s Lead: Can It Climb to a New Weekly High?

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As an analyst, I’m observing a potential uptrend for Ethereum prices, reminiscent of Bitcoin‘s surge. To sustain this upward momentum and potentially reach a new peak soon, Ethereum needs to breach the $2,665 resistance level first.

    Ethereum is aiming for a fresh increase above the $2,665 level.
    The price is trading above $2,620 and the 100-hourly Simple Moving Average.
    There was a break above a connecting bearish trend line with resistance at $2,625 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair must stay above the $2,600 support to start a fresh increase in the near term.

Ethereum Price Eyes More Upsides

The cost of Ethereum showed resilience around the $2,550 mark and subsequently surged in a manner similar to Bitcoin. Notably, Ethereum managed to break past its $2,600 barrier, although its growth was relatively more modest than that of Bitcoin.

The cost surpassed the 50% Fibonacci retracement mark from the price peak at $2,700 to the low at $2,554. Additionally, it exceeded a bearish trend line with resistance at $2,625 on an hourly Ethereum-to-USD chart.

As a researcher, I’m observing that the current Ethereum price has surpassed the $2,620 mark and is also above its 100-hour Simple Moving Average. However, it appears there are obstacles around the $2,665 level for further upward movement. This resistance level seems to align with the 76.4% Fibonacci retracement point of the downward trend from the $2,700 peak to the $2,554 trough.

Initially, a significant obstacle lies around the $2,700 mark. Following that, a crucial barrier can be found at approximately $2,720. If Ether manages to overcome the resistance at $2,720, it could potentially lead to further increases in the upcoming sessions. In this scenario, Ether may move towards the $2,780 resistance area in the short term. The next challenge will likely be at either the $2,850 or $2,880 level.

Another Drop In ETH?

As a crypto investor, if Ethereum doesn’t manage to break through the $2,665 barrier, there’s a possibility it might initiate another drop. A potential cushion on the downside could be around the $2,600 mark and the 100-hour Simple Moving Average. The first significant support level appears to be near the $2,550 zone.

If the price falls significantly below the $2,550 resistance point, it could potentially slide down to around $2,525. Further declines may lead to a drop towards the upcoming support at $2,480 in the short term. The significant support level lies at $2,440.

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 below the 50 zone.

Major Support Level – $2,600

Major Resistance Level – $2,665

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2024-09-27 06:40