Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Este artículo también está disponible en español.
Ethereum price found support at $2,320 and started a fresh increase. ETH is now rising and might aim for a move above the $2,650 resistance zone.
- Ethereum started a decent increase above the $2,450 and $2,500 levels.
- The price is trading above $2,500 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2,530 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain strength if it clears the $2,650 resistance in the near term.
Ethereum Price Regains Traction
Ethereum price started a downside correction below the $2,450 level, unlike Bitcoin. ETH traded below the $2,400 and $2,350 support levels. However, the bulls were active near the $2,300 zone.
A low was formed at $2,308 and the price started a fresh increase. There was a move above the $2,450 and $2,500 levels. The price surpassed the 61.8% Fib retracement level of the downward move from the $2,583 swing high to the $2,308 low.
Besides, there was a break above a connecting bearish trend line with resistance at $2,530 on the hourly chart of ETH/USD. Ethereum price is now trading above $2,540 and the 100-hourly Simple Moving Average. The price is also above the 76.4% Fib retracement level of the downward move from the $2,583 swing high to the $2,308 low.
On the upside, the price could face resistance near the $2,580 level. The next key resistance is near the $2,600 level. The first major resistance is near the $2,650 level. A clear move above the $2,650 resistance might send the price toward the $2,720 resistance.
An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,780 resistance zone or even $2,840 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,650 resistance, it could start a fresh decline. Initial support on the downside is near the $2,520 level. The first major support sits near the $2,450 zone.
A clear move below the $2,450 support might push the price toward the $2,420 support. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,250.
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 – $2,450
Major Resistance Level – $2,650
Credit: Source link