As a seasoned cryptocurrency researcher with years of experience under my belt, I find myself closely observing the current trend of Ethereum (ETH). After a brief consolidation phase near $2,280, ETH has resumed its upward trajectory, mirroring Bitcoin’s surge. The price has breached key resistance levels at $2,320 and $2,350, indicating a strong bullish sentiment in the market.
The cost of Ethereum has initiated a new bullish trend that surpassed the $2,335 barrier. Currently, Ethereum looks poised to climb even higher, with potential targets exceeding the $2,420 resistance level.
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Ethereum started another increase from the $2,280 resistance.
The price is trading above $2,350 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2,310 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,420 resistance to continue higher in the near term.
Ethereum Price Aims Higher
The price of Ethereum found support around $2,280 and then began a new rise similar to Bitcoin. Notably, Ethereum surpassed the resistance levels at $2,320 and $2,350.
Bitcoin experienced a surge of more than 5%, while Ethereum had difficulty keeping pace. It surpassed the 76.4% Fibonacci retracement level from the price drop between the peak of $2,392 to the trough of $2,277. In fact, it briefly rose above the $2,392 high and is now demonstrating encouraging signs.
Currently, the Ethereum price exceeds $2,350 and surpasses the 100-hour moving average. Additionally, a significant uptrend line is emerging on the hourly Ethereum-to-USD chart, offering support at approximately $2,310.
On a positive note, it appears the price may encounter obstacles around the $2,420 mark. This level is nearly equivalent to the 1.236 Fibonacci extension of the downward trend from the peak of $2,392 to the trough of $2,277. The primary resistance lies at approximately $2,450, with a significant resistance found around $2,550.
If Ether manages to push past its current resistance at around $2,550, it may indicate further growth and potentially reach the $2,650 resistance area in the short term. Any potential increase would then face obstacles around the $2,720 or $2,750 levels.
Are Dips Supported In ETH?
Should Ethereum not surpass the $2,420 barrier, there’s a possibility of another short-term drop. A potential floor can be found around $2,365, with significant support anticipated at approximately $2,310 and the trendline area.
Moving under the $2,310 barrier could potentially drive the price down to approximately $2,280. If the decline continues, it may reach the nearby support at $2,220. Further losses could push the price towards the crucial support level of $2,150 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 – $2,310
Major Resistance Level – $2,420
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2024-09-19 06:40