As a seasoned crypto investor with years of market navigation under my belt, I find myself quite optimistic about Ethereum’s current trajectory. The steady increase above the $2,550 resistance and outperforming Bitcoin is a positive sign that the altcoin might even clear the $2,750 resistance zone.
The price of Ethereum has been steadily climbing over the $2,550 barrier. At present, Ethereum is outperforming Bitcoin and could potentially surpass the $2,750 resistance level.
- Ethereum started a fresh increase above the $2,550 and $2,650 levels.
The price is trading above $2,650 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2,695 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend gains if it clears the $2,750 resistance zone.
Ethereum Price Jumps Over 8%
As an analyst, I observed that the Ethereum price held steady around the robust support of $2,520. Following this, ETH established a solid foundation and embarked on a substantial growth trajectory surmounting the $2,600 level. Consequently, the value of Ethereum rose by approximately 8%, outshining Bitcoin and even overpowering the resistance at $2,650.
In simpler terms, the cost for ETH/USD surged past a previous resistance point ($2,720) and reached a new peak at $2,748. Currently, it’s holding steady as it consolidates its gains. Additionally, there appears to be a growing trend line forming that offers support around $2,695 on the hourly chart. This trend line is near the 23.6% Fibonacci retracement level of the upward movement from the $2,518 low to the $2,748 high.
Currently, Ethereum’s price is hovering over $2,650 and has surpassed its 100-hour moving average. Should it rise further, potential obstacles may arise around the $2,720 mark.
Approaching the $2,750 mark, you’ll find a significant barrier. If Ether manages to surge past this $2,750 barrier, it could push towards the next resistance at around $2,880. Beyond that, a leap above the $2,920 resistance could propel the price further upwards, potentially aiming for the $3,000 resistance area in the short term.
Another Decline In ETH?
If Ethereum doesn’t manage to break through the $2,750 barrier, it might trigger a drop in its price. A potential initial support can be found around $2,700 and the trendline. The primary support lies approximately at the $2,640 level, which is also the 50% Fibonacci retracement point of the price increase from the $2,518 low to the $2,748 high.
If the price falls below the $2,640 mark, it could potentially drop to around $2,580. Further declines could lead towards the nearby support at $2,520. A crucial support level lies at $2,450 in the immediate future.
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 – $2,695
Major Resistance Level – $2,750
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2024-08-13 06:58