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Ethereum’s price dynamics have been quite eventful lately as it struggles to surpass the $2,550 resistance mark, indicating potential hurdles in its upward journey. Although Ethereum has seen an impressive climb, ascending beyond $2,420, $2,450, and reaching $2,500, it still lags behind Bitcoin in terms of performance. The resistance near the $2,550 zone appeared to be a significant barrier, culminating in a peak around $2,536. Post this high, Ethereum began to consolidate its gains, hinting at a possible strain to maintain its upward momentum. Notably, there was a slight decline beneath the $2,500 level, alongside a breach below a pivotal bullish trend line at the $2,515 mark on the hourly chart of ETH/USD. This trend indicates that while Ethereum has the potential for growth, it faces stout resistance that could lead to consolidation or minor corrections in the short term.
Despite the slight pullbacks, Ethereum remains buoyed above critical support markers, including the 23.6% Fibonacci retracement level from its recent surge from $2,282 to $2,536. It also retains its position above $2,480 and the 100-hourly Simple Moving Average—signs that the cryptocurrency’s foundational strength persists. If Ethereum manages to uphold above the $2,475 support zone, there’s a possibility for a fresh rise, potentially overcoming the $2,520 hurdle. A successful ascend beyond these levels could see Ethereum contesting the $2,550 resistance once more, with eyes set on higher resistance levels at $2,620 and possibly stretching towards the $2,680 and $2,800 marks. However, failure to breach the $2,550 resistance could prompt a downside correction, with the $2,475 level and the 100 hourly SMA serving as the initial support levels to watch. This phase is crucial for Ethereum as it could either reaffirm its bullish trend or indicate a need for further consolidation before attempting another push upwards.
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