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 $2,440 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 $2,500 and $2,520 levels.
The price is trading above $2,540 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain strength if it clears the $2,620 resistance in the near term.
Ethereum Price Could Gain Strength
Ethereum price remained in a range above $2,350 while Bitcoin traded to a new all-time high. ETH bulls were active near the $2,440 zone. A low was formed at $2,442 and the price started a fresh increase.
There was a move above the $2,500 and $2,520 levels. The price surpassed the 50% Fib retracement level of the downward wave from the $2,615 swing high to the $2,442 low. Besides, there is a connecting bullish trend line forming with support at $2,500 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,520 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward wave from the $2,615 swing high to the $2,442 low.
On the upside, the price could face resistance near the $2,620 level. The next key resistance is near the $2,650 level. The first major resistance is near the $2,720 level. A clear move above the $2,720 resistance might send the price toward the $2,840 resistance.
An upside break above the $2,840 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,920 resistance zone or even $3,000 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $2,620 resistance, it could start a fresh decline. Initial support on the downside is near the $2,525 level. The first major support sits near the $2,500 zone and the trend line.
A clear move below the $2,500 support might push the price toward the $2,440 support. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,350.
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 – $2,500
Major Resistance Level – $2,620
