TA: Ethereum Gearing For Another Lift-Off to $2.8K: Rally Isn’t Over Yet

Ethereum is showing positive signs whilom $2,500 versus the US Dollar. ETH price is likely to slide higher whilom $2,650 and it could revisit $2,800.

  • Ethereum started a steady increase whilom the $2,500 resistance and $2,550.
  • The price is now trading well whilom $2,500 and the 100 hourly simple moving average.
  • There was a unravel whilom a major surly trend line with resistance near $2,480 on the hourly orchestration of ETH/USD (data feed via Kraken).
  • The pair is likely to climb remoter higher whilom $2,650 and $2,700 in the near term.

Ethereum Price Gains Bullish Momentum

Ethereum worked a wiring whilom the $2,350 level and started a fresh increase. ETH tapped the $2,450 resistance zone to move into a bullish zone.

There was a unravel whilom a major surly trend line with resistance near $2,480 on the hourly orchestration of ETH/USD. The pair plane settled nicely whilom the $2,500 level and the 100 hourly simple moving average. The pair climbed whilom the $2,550 resistance level.

Ether is now trading well whilom the 76.4% Fib retracement level of the of the key ripen from the $2,626 upper to $2,260 swing low. An firsthand resistance is near the $2,626 high. A well-spoken upside unravel whilom the $2,626 upper could set the pace for a larger increase in the coming sessions.

Ethereum Price

Source: ETHUSD on TradingView.com

The next key resistance is near the $2,715 level. It is near the 1.226 Fib extension level the of the key ripen from the $2,626 upper to $2,260 swing low. Any increasingly gains whilom $2,720 could unshut the doors for a larger increase. The next major windbreak for the bulls is near the $2,800 level.

Downsides Limited in ETH?

If Ethereum fails to well-spoken the $2,620 and $2,650 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,580 level.

The first major support is near the $2,550 level. Any increasingly losses could possibly undeniability for a test of the $2,500 support and the 100 hourly SMA in the coming sessions. A downside unravel unelevated the 100 hourly SMA could push ether price towards the $2,450 support zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently well whilom the 50 level.

Major Support Level – $2,500

Major Resistance Level – $2,650

Author: Shantun Parmar

Leave a Reply

Your email address will not be published.