As a seasoned researcher with years of experience in the cryptocurrency market, I find myself observing Ethereum’s price action with a keen eye. The recent surge above the $2,650 resistance is a noteworthy development, especially considering it surpassed Bitcoin in growth.
The Ethereum price has continued to rise, surpassing the $2,650 barrier. Currently, Ethereum is experiencing a pullback and may find buying opportunities close to the $2,600 level of support.
- Ethereum is currently correcting gains from the $2,700 resistance.
The price is trading above $2,600 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,550 support to continue higher in the near term.
Ethereum Price Holds Support
The cost of Ethereum held strong and continued to climb, surpassing Bitcoin. Ethereum successfully breached the resistance levels at $2,550 and $2,650, with the bulls even driving the price beyond $2,680.
The price reached and surpassed the $2,700 mark before starting a correction, forming a peak at $2,701. Now, it’s experiencing a decrease following the gains made earlier. A dip occurred below the $2,650 level and the price fell lower than the 23.6% Fibonacci retracement level of the upward trend that started from the $2,528 low point and peaked at $2,701.
Currently, Ethereum’s price is surpassing $2,600 and aligning with its 100-hour moving average. Additionally, a significant bullish trendline is emerging on the hourly ETH/USD chart, with support at $2,600. This trendline is approaching the halfway point (50%) of the price rise from the $2,528 low to the $2,701 high.
Positively speaking, it appears that the price might encounter challenges around the $2,650 mark. The primary obstacle for a potential rise lies around $2,680. A subsequent significant barrier can be found close to $2,700.
If Ether manages to break above the $2,700 barrier, it might suggest further increases are on the horizon. In this scenario, Ethereum could potentially move towards the resistance area of around $2,780 in the short term. The next challenge for Ethereum lies at approximately $2,840 or $2,880 levels.
More Losses In ETH?
If Ethereum doesn’t manage to surpass the $2,650 barrier, it might keep dropping instead. A initial floor could be found around $2,615. The primary floor lies in the vicinity of the $2,600 zone and also near the trend line support area.
Dropping below the $2,600 resistance could potentially lead the price to fall towards $2,550. Further declines may even push it towards the nearby $2,525 support. The significant support lies at $2,450 in the short term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,600
Major Resistance Level – $2,650
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2024-09-24 06:42