The price of Ethereum is maintaining its advance over the barrier at $2,650. At this point, Ethereum appears to be stabilizing and may look to increase further, potentially reaching beyond $2,700.
- Ethereum is aiming for more upsides above the $2,700 resistance.
The price is trading above $2,620 and the 100-hourly Simple Moving Average.
There is a short-term contracting triangle forming with support at $2,620 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,600 support to continue higher in the near term.
Ethereum Price Eyes More Upsides
The price of Ethereum continued to rise and approached the $2,700 mark, but then the sellers entered the market, causing a drop similar to what happened with Bitcoin.
The cost dipped under the $2,640 mark. It also fell below the halfway point (50%) of the Fibonacci retracement level during the upward trend from the $2,528 swing low to the $2,700 peak. Yet, the bulls showed significant activity around the $2,600 support area.
The cost recently touched the 61.8% Fibonacci retracement point of the upward trend that started at the $2,528 low and peaked at $2,700, but it’s currently climbing higher. At present, Ethereum’s price is trading above $2,620 and also above its 100-hour Simple Moving Average.
Additionally, on the hourly chart for ETH/USD, a temporary contracting pattern is developing with support around $2,620. As for upward movement, there appears to be obstacles at approximately $2,660. The first significant resistance can be found around $2,700, followed by another key resistance near $2,720.
If Ether manages to break above its current resistance at around $2,720, it may signal further increases. In this scenario, we could potentially see Ether moving towards the resistance zone around $2,800 in the short term. The next significant challenge for Ether’s price increase lies approximately at the $2,850 or $2,880 level.
Another Decline In ETH?
Should Ethereum not manage to surpass the $2,680 barrier, it might trigger another drop. A potential floor in this scenario would be around $2,620, which is also where the trend line of its triangle lies, and the primary support can be found approximately at the $2,600 level.
If the price falls significantly beneath the $2600 resistance point, it could head towards $2550. Further drops may take it closer to the nearby $2525 support zone. The crucial support level lies 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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2024-09-25 06:41