As a seasoned analyst with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. The recent surge in Ethereum price is reminiscent of the early days of Bitcoin, when every coin seemed like a golden goose.
The Ethereum price has picked up speed to break through the $2,550 barrier and advance further. Currently, Ethereum is holding steady around $2,680 and looking to push higher towards $2,750.
- Ethereum started a decent increase above the $2,450 and $2,550 levels.
The price is trading above $2,550 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise steadily if it clears the $2,720 resistance zone.
Ethereum Price Eyes More Gains Above $2,720
The cost of Ethereum began a gradual ascent beyond the $2,450 barrier, and it continued to rise above the subsequent levels at $2,500 and $2,550, much like how Bitcoin surpassed the $58,000 mark.
Despite surpassing the $2,650 barrier previously acting as resistance, the progress made was relatively modest compared to Bitcoin. A peak was reached at around $2,722, and currently, the price is consolidating those gains. It remains above the 23.6% Fibonacci retracement level of the upward trend that started from the $2,311 low and peaked at $2,722.
Currently, Ethereum’s price is being transacted beyond $2,550 and aligning with the 100-hour moving average. Additionally, a significant bullish trendline is taking shape on the hourly ETH/USD chart, offering support at approximately $2,550. This trendline is nearly congruent with the 100-hour moving average and the halfway mark (50%) of the price recovery from its $2,311 low to its $2,722 high.
On the positive side, the price of Ether seems to be encountering obstacles around the $2,700 mark. The first significant barrier is located at approximately $2,720. If we manage to close above this level, it could propel Ether towards the resistance at $2,800. The next critical resistance lies around $2,865. Overcoming this hurdle might push the price upwards towards the potential resistance area of $3,000 in the short term.
Are Dips Limited In ETH?
Should Ethereum find it challenging to surpass the $2,720 barrier, I anticipate a potential downtrend may ensue. A preliminary level of support could be found around $2,620. The primary line of defense for Ethereum in case of a decline lies roughly at the $2,550 mark.
If the price falls significantly below $2,550, it could potentially drop to around $2,450. Further declines may cause it to approach the nearby support at $2,320. The crucial support level to watch out for is at $2,250 in the short term.
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 – $2,550
Major Resistance Level – $2,720
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2024-08-09 06:40