Ethereum Price Rallies 10%: Will Bulls Push It Higher?

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As an analyst with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of price surges and corrections. The recent surge in Ethereum price above the $2,650 resistance is indeed encouraging, especially considering it’s outpacing Bitcoin in this rally.

As an analyst, I’ve observed a significant upward momentum in Ethereum‘s price, breaching the resistance level of $2,650. Currently, Ethereum has surged over 10%, suggesting potential for further growth towards challenging the $2,850 resistance.

  • Ethereum started a fresh surge above the $2,650 resistance zone.
  • The price is trading above $2,700 and the 100-hourly Simple Moving Average.
  • There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it settles above $2,850 and $2,880.

Ethereum Price Extends Surge

The cost of Ethereum began a new rise surpassing the $2,550 barrier, much like Bitcoin. Remarkably, Ethereum managed to ascend beyond the $2,550 and $2,650 price thresholds, propelling it into a favorable position.

In recent trading periods, it soared beyond $2,720 and outperformed Bitcoin. Currently, it has increased by more than 10% and has broken through the $2,800 mark. A peak was established at $2,848, suggesting further potential growth. The price is maintaining its upward momentum, having risen above the 23.6% Fibonacci retracement level of the bullish trend that started from the $2,357 low point and reached the $2,848 high point.

Currently, the Ethereum price has surpassed $2,700 and is aligned with the 100-hour moving average. Additionally, a fresh bullish trendline is being formed, providing support at approximately $2,730 on the hourly Ethereum-to-USD chart.

On a positive note, it appears that the price may be encountering obstacles around $2,850. The initial significant barrier is roughly at $2,880, with the primary resistance now forming around $2,950. Overcoming this $2,950 hurdle could potentially propel the price towards the $3,000 resistance level.

As an analyst, I’m observing a potential upward trend in Ether prices. If we manage to break through the current resistance at $3,000, it could pave the way for further growth in the upcoming sessions. This bullish movement might find resistance around the $3,250 price level.

Are Dips Supported In ETH?

If Ethereum doesn’t manage to surpass the $2,850 barrier, it might initiate a decrease. The initial support for a potential drop can be found around $2,800. The primary support lies near the $2,720 area and the trendline.

If the price falls significantly below $2,720, it could potentially drop to around $2,650. Further declines may lead to the $2,550 support in the short term. The crucial support level is currently at $2,500.

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 – $2,850

Major Resistance Level – $2,720

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2024-11-07 06:22