As a seasoned researcher with years of experience observing and analyzing the cryptocurrency market, I find myself optimistic about Ethereum’s recent price surge. The steady increase above the $2,500 resistance is a positive sign, especially when considered in the context of Bitcoin’s rally.
The cost of Ethereum began a new rise surpassing the $2,550 barrier. Similar to Bitcoin‘s surge, Ethereum is moving upwards, yet it doesn’t show the same intensity.
- Ethereum started a decent increase above the $2,600 zone.
- The price is trading above $2,550 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2,520 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $2,630 and $2,650 resistance levels.
Ethereum Price Starts Steady Increase
The cost of Ethereum established a foundation above the $2,450 mark, leading to a new rise similar to Bitcoin. Subsequently, Ethereum surpassed the resistance at $2,500 and $2,550, positioning itself in a favorable zone.
The cost has surged more than 5%, breaking through the $2,600 threshold and reaching a peak at $2,630. The trend appears optimistic, with the price maintaining its advance above the significant Fibonacci retracement level of approximately 23.6% from the $2,487 low to the $2,630 high.
Currently, the cost of Ethereum is being transacted above $2,550 and is aligned with its 100-hour moving average. Additionally, a positive trend line is developing that offers support at approximately $2,520 on the hourly Ethereum/USD chart, indicating a potential bullish trend.
Looking on the positive side, it appears that the price may be encountering obstacles close to the $2,630 mark. The initial significant resistance lies at around $2,650, and the primary resistance is developing near $2,720. If we see a decisive break above the $2,720 barrier, it could potentially push the price towards the $2,880 resistance level.
If Ether manages to push past its current resistance at around $2,880, it could potentially lead to further increases in the upcoming trading periods. Under such circumstances, we might see Ether climbing towards the $2,950 resistance level.
Downside Correction In ETH?
If Ethereum doesn’t manage to surpass the $2,650 barrier, there might be a reversal leading to a decline. The first potential support point could be around $2,595. A more substantial support level could be found close to the $2,550 area or at the 50% Fibonacci retracement level of the upward movement from the $2,487 low to the $2,630 high.
If the price falls significantly below the $2550 mark, it could potentially drop to around $2520. Further declines may lead to the $2450 support level in the short term. The significant support level is currently set at $2320.
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 – $2,550
Major Resistance Level – $2,650
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2024-10-29 06:58