As a seasoned researcher with years of experience analyzing cryptocurrency markets, I find the current trajectory of Ethereum quite intriguing. The price has been steadily increasing and breaking key resistance levels, such as $2,450, and is now holding above these levels, indicating a potential bullish momentum.
The cost of Ethereum began a gradual ascent, surpassing the resistance at $2,450. Ethereum continues to maintain its gains and could potentially build up more positive momentum if it breaks above $2,520.
-
Ethereum started a steady increase above the $2,420 and $2,450 resistance levels.
The price is trading above $2,440 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $2,455 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must gain bullish momentum above the $2,520 and $2,550 resistance levels.
Ethereum Price Regains Traction
The cost of Ethereum established a foundation over the $2,350 mark and initiated an upward trend. Breaking through the barriers at $2,420 and $2,450, ETH advanced into a favorable position, outperforming Bitcoin in its progress.
The bulls even pushed the price above the $2,500 level. A high was formed at $2,518 and the price is now consolidating gains. The price is stable above the 23.6% Fib retracement level of the upward move from the $2,436 swing low to the $2,518 high.
Currently, Ethereum’s price exceeds $2,450 and is above its 100-hour moving average. Additionally, there’s a significant upward trendline shaping up at approximately $2,455 on the hourly Ethereum-to-USD chart, which could potentially offer support if needed.
Looking at a positive perspective, it appears the price is encountering obstacles around the $2,520 mark. The initial significant barrier is around $2,550. If we see a strong push past $2,550, the price may head towards the next resistance at $2,580. Breaking above $2,580 could potentially lead to further gains in upcoming sessions. In this scenario, Ether might reach the resistance zone of $2,620 soon. The next challenges would be near $2,650 or $2,720.
Another Pullback In ETH?
If Ethereum doesn’t manage to surpass the $2,520 barrier, it may initiate another drop. A potential first line of defense on the downside can be found around $2,480. The primary support lies in the vicinity of the $2,455 area, which is also where the 76.4% Fibonacci retracement level from the price movement between the $2,436 swing low and the $2,518 high intersects with a trend line or horizontal support.
If the price falls significantly below the $2,435 resistance point, it could potentially drop to around $2,420. Further decreases may lead to the $2,350 support being tested in the short term. The critical next support level is at $2,250.
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 – $2,455
Major Resistance Level – $2,520
Read More
- ZK PREDICTION. ZK cryptocurrency
- ARB PREDICTION. ARB cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- W PREDICTION. W cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- DGB PREDICTION. DGB cryptocurrency
- Matter Labs Drops All ‘ZK’ Trademark Applications: Details
- Vishnu Manchu finally ENDS THE SILENCE over ongoing family feud between Manchu Manoj and Mohan Babu
- FLOKI PREDICTION. FLOKI cryptocurrency
- CRV PREDICTION. CRV cryptocurrency
2024-10-14 07:34