As a seasoned researcher with extensive experience in analyzing cryptocurrency markets, I find myself observing Ethereum’s impressive surge of over 8%. The price has shown resilience, breaking past key resistance levels and even outperforming Bitcoin in this latest rally.
Ethereum‘s price surged past the $2,420 barrier, initiating an uptrend. The cryptocurrency came very near to $2,500 before stabilizing, holding its recent gains.
- Ethereum started another increase from the $2,320 resistance.
The price is trading above $2,400 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2,385 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,480 resistance to continue higher in the near term.
Ethereum Price Surges Over 8%
The cost of Ethereum held strong and kept rising, surpassing Bitcoin. Ethereum successfully breached the resistance levels at $2,350 and $2,420.
Initially, there was a significant increase in the price, approaching almost a 10% rise. It approached the $2,500 resistance barrier closely. A peak was reached at $2,493, and currently, the price is stabilizing its gains. There was a minor drop below the $2,460 point. The price then touched the 23.6% Fibonacci retracement level of the upward swing from $2,277 to $2,493.
Currently, Ethereum’s price is trading above $2,440 and is supported by the 100-hour Simple Moving Average. Additionally, a rising bullish trend line is forming, with a current support at around $2,385 on the hourly chart for ETH/USD. This trend line is almost touching the 50% Fibonacci retracement level of the price surge from the $2,277 low to the $2,493 high.
On a positive note, it appears that the price may encounter obstacles around the $2,480 mark. The initial significant barrier lies at approximately $2,500, and the subsequent critical barrier can be found around $2,550.
If Ether manages to break above its current resistance at approximately $2,550, it may potentially lead to further increases. In such a scenario, we might see Ethereum moving towards the resistance area of around $2,650 in the short term. The upcoming challenges could be found near the levels of $2,750 or $2,800.
Are Dips Limited In ETH?
If Ethereum doesn’t manage to surpass the $2,480 barrier, it might trigger a possible price decrease. The initial floor for this decline could be around $2,440. The primary significant support is estimated near the $2,385 region and the trend line zone.
If the price falls decisively below the $2,385 mark, it could potentially slide down to around $2,320. Further declines might lead the price to approach the near-term support of $2,250. The next significant support level is located at $2,200.
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 – $2,385
Major Resistance Level – $2,500
Read More
Sorry. No data so far.
2024-09-20 06:40