As a seasoned analyst with years of experience under my belt, I must say that Ethereum’s current consolidation above $2,550 is intriguing. The bulls seem to be eager to push ETH past the $2,650 resistance zone, but they’re encountering some resistance at the moment.
The Ethereum price is holding steady above the barrier at $2,550 and may show a surge in bullish strength if it manages to break through the $2,650 resistance level.
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Ethereum is struggling to gain pace for a move above the $2,650 level.
The price is trading above $2,600 and the 100-hourly Simple Moving Average.
There is a short-term contracting triangle forming with resistance at $2,640 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if there is a close above $2,650.
Ethereum Price Starts Consolidation
As a crypto investor, I’ve noticed that Ethereum has been holding strong above the $2,550 mark, much like its counterpart, Bitcoin. It seems to have established a foundation and is gradually climbing upward, surpassing the $2,580 barrier. The momentum appears to be pushing toward the $2,665 level.
At $2,662, a peak was established and since then, the price has been holding steady in a period of consolidation. There was a small dip below the $2,600 mark. The price subsequently fell beneath the 50% Fibonacci retracement line of the upward trend that started at the $2,536 swing low and peaked at $2,662.
Currently, Ethereum’s price is trading over $2620 and above its 100-hour moving average. If it rises further, potential obstacles could arise around the $2650 mark. Additionally, a short-term triangle pattern is emerging on the hourly ETH/USD chart, with resistance at approximately $2640.
As a researcher studying Ethereum’s price movements, I’ve noticed that the first significant resistance lies around the $2,720 mark. Overcoming this barrier could potentially propel Ether towards the $2,750 resistance level. The next crucial resistance is found at approximately $2,880. If we manage to break through this resistance, it might lead us to aim for the $3,000 resistance zone in the short term.
Another Decline In ETH?
If Ethereum doesn’t manage to break through the $2,650 barrier, it might initiate another drop. A potential first line of defense can be found around $2,600. The primary support lies in the vicinity of the $2,580 area. Additionally, the 61.8% Fibonacci retracement level from the price movement between the $2,536 swing low and the $2,662 high is roughly equivalent to the $2,580 mark.
As an analyst, I’m anticipating that a drop below the $2,580 support could potentially propel the price downwards towards the nearby resistance at $2,550. This is a region where the bulls might re-emerge, attempting to regain control. However, continued losses may further push the price towards the stronger support level at $2,500 in the short term. The next significant support, should we see any further declines, lies at $2,440.
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 – $2,580
Major Resistance Level – $2,650
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2024-08-22 14:28