#Ethereum #ETH #Crypto #Cryptocurrency #BullishTrend #Trading #Investing #DigitalCurrency
Ethereum’s price has been displaying bullish behavior, maintaining a robust position above the $2,720 support level, indicating potential for further upsurge. It’s consolidating its gains well above the $2,780 support zone, with the current trading value exceeding $2,800 and surpassing the 100-hourly Simple Moving Average, which underscores the strength of the bullish trend. The presence of two bullish trend lines with support levels at $2,825 and $2,780 serves a strong base, suggesting that Ethereum is positioned for a sustained move upward, targeting the $3,000 resistance zone which, if breached, could pave the way for even higher valuations.
During its recent ascent, Ethereum successfully overcame the $2,750 pivot level and pushed past the $2,800 resistance zone, showcasing the bulls’ determination by reaching above $2,850. Despite facing a minor correction and a dip below the $2,850 mark, Ethereum has rapidly regained its footing above the crucial $2,800 threshold, further cemented by its position above the 100-hourly SMA. The immediate resistances lie near $2,880, with significant barriers at $2,920 and $2,940, beyond which Ethereum might accelerate towards the much-anticipated $3,000 mark. On the flip side, should Ethereum struggle to surpass these resistances, it might undergo a downside correction, although the established trend lines and support levels suggest a strong cushion against significant retreats, ensuring continued bullish sentiment in the market.
Image: https://weeklyfinancenews.online/wp-content/uploads/2023/09/eth2.png
Comments are closed.