As a researcher with years of experience in the cryptocurrency market, I find myself consistently impressed by Ethereum’s resilience and growth potential. The recent surge above the $2,720 resistance is yet another testament to ETH‘s strength, especially considering its ability to outpace Bitcoin during this uptrend.
The Ethereum price has recently surged past its previous resistance at $2,720. At present, Ethereum has climbed more than 10%, moving closer to a significant hurdle at $3,000.
- Ethereum started a fresh surge above the $2,720 resistance zone.
- The price is trading above $2,750 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $2,950 resistance.
Ethereum Price Extends Its Increase
The cost of Ethereum began a new rise surpassing the $2,650 barrier, similar to Bitcoin. Notably, Ethereum managed to break past the hurdles at $2,720 and $2,750, propelling it into a more favorable position.
In recent trading periods, it significantly climbed beyond $2,850 and outperformed Bitcoin. Currently, it has risen over 10% and there was a spike above $2,920. A peak was established at $2,955, indicating further potential increases. Interestingly, it is currently well above the 23.6% Fibonacci retracement level of the upward trend that started from the $2,355 swing low and peaked at $2,955.
Currently, the Ethereum price surpasses $2,800 and lies above its 100-hour moving average. Additionally, a rising bullish trendline is being formed, providing support around $2,820 on the Ethereum/USD hourly chart.
On a positive note, it appears that the price may be encountering obstacles around $2,920. The first significant barrier lies at approximately $2,950, and the primary resistance is forming close to $3,000. If the price breaks through the $3,000 resistance cleanly, it could potentially push the price further up to the next potential hurdle at $3,120.
Breaking above the $3,120 barrier could potentially lead to further increases in Ether’s value over the upcoming sessions, with a possible target at the $3,250 resistance level.
Are Dips Limited In ETH?
If Ethereum doesn’t manage to surpass the $2,950 barrier, it might initiate a decline. The initial floor for this drop could be around $2,850. The primary support can be found near the $2,820 region and also at the trend line.
If the price falls significantly below $2,820, it could potentially drop to around $2,720. Further declines may lead us towards the near-term support of $2,650. The significant support level lies at $2,550 in the upcoming period.
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 – $2,820
Major Resistance Level – $2,950
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2024-11-08 06:40