Ethereum Price Lags While Bitcoin Moves Toward New ATH

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The cost of Ethereum began a new rise that surpassed the $2,580 barrier. However, Ethereum is yet to approach its previous record high, as Bitcoin is currently close to achieving its own all-time high.

  • Ethereum started a decent increase above the $2,620 zone.
  • The price is trading above $2,580 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support at $2,530 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it clears the $2,650 and $2,680 resistance levels.

Ethereum Price Climbs Slowly

The value of Ethereum established a foundation over the $2,465 mark and subsequently began a new upward trend similar to Bitcoin. Consequently, Ethereum surpassed the resistance at $2,550 and $2,580, positioning itself in a favorable zone.

The price is up over 5% and there was a move above the $2,620 level. A high is formed at $2,680 and the price is struggling to follow Bitcoin’s strength. The price corrected gains and traded below the 23.6% Fib retracement level of the upward move from the $2,488 swing low to the $2,680 high.

Currently, the cost of Ethereum is being traded above $2,600 and has surpassed its 100-hour moving average. Additionally, a rising bullish trend line is emerging with a support level at roughly $2,530 on the hourly Ethereum-to-US-Dollar (ETH/USD) chart.

From a positive perspective, it appears that the price may be encountering obstacles around the $2,650 mark. The initial significant resistance lies at approximately $2,680, with the primary resistance shaping up near $2,720. Breaking through the $2,720 barrier could potentially propel the price toward the $2,915 resistance level.

If Ether manages to surge past its current resistance level of $2,915, it may indicate further growth in the upcoming trading periods. Under such circumstances, Ether might approach the $3,000 resistance area.

Downside Correction In ETH?

As a researcher, if Ethereum is unable to surpass the $2,680 resistance, it might initiate a corrective phase moving downwards. The initial support can be expected around the $2,600 mark. The first substantial support lies in the vicinity of the $2,560 zone or the 61.8% Fibonacci retracement level of the upward journey from the $2,488 swing low to the $2,680 high.

If the price falls significantly below the $2600 support, it could potentially drop to around $2550. Further declines could push the price towards the nearby $2530 support. A crucial lower support level is found at $2450 in the short term.

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 – $2,600

Major Resistance Level – $2,680

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2024-10-30 06:58