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Ethereum Price Rebounds Strongly, Clears $2,350 Resistance With 8% Gain
Ethereum has recently marked a significant resurgence, initiating a powerful upward trajectory from the $2,120 support level. This move resulted in an impressive 8% increase, propelling ETH above critical resistance levels, including the $2,350 mark. The cryptocurrency is now navigating territories above $2,250 and comfortably above the 100-hourly Simple Moving Average, indicating strong bullish momentum.
The ascent was catalyzed by a decisive break above a pivotal bearish trend line at $2,240 resistance on the hourly chart of ETH/USD, according to data from Kraken. This break could potentially usher in further gains if Ethereum manages to stabilize above the upcoming $2,460 resistance zone.
Bulls Take the Helm as Ethereum Sails Past $2,300
Following its lift-off from the $2,120 level, Ethereum mirrored Bitcoin’s positive movement, efficiently clearing the $2,200 and $2,250 resistance levels to secure a position in the bullish zone. The momentum didn’t stop there; the bulls pushed the price beyond the 61.8% Fib retracement level of the recent decline from the $2,568 high to the $2,114 low.
Currently, Ethereum is trading above $2,300. Looking forward, the cryptocurrency might encounter resistance near the $2,440 level, with a more significant barrier looming at $2,460, close to the 76.4% Fib retracement level. Should Ethereum break past the $2,500 milestone, it could potentially escalate towards the $2,550 mark, setting the stage for further advances.
Potential for Continued Upsurge
If Ethereum successfully surpasses the $2,550 resistance, the market could see Ethereum aiming for higher targets around the $2,620 or even the $2,650 zones shortly. However, the journey isn’t devoid of hurdles.
Risks of a Pullback
Conversely, if Ethereum struggles to overcome the $2,460 resistance, it might face a downward correction. Initial support is found near the $2,340 level, with more robust support at the $2,320 zone. A breach below this could pressure Ethereum down towards the $2,250 support or, in a more extensive sell-off scenario, to the $2,150 level. The subsequent vital support is stationed at $2,120.
Technical Indicators Point to a Tentative Bullish Outlook
The Hourly MACD for ETH/USD is showing signs of waning momentum in the bullish zone, suggesting cautious optimism. Meanwhile, the Hourly RSI is positioned above the 50 mark, reinforcing the current positive sentiment among investors.
As Ethereum continues to navigate through these critical levels, investors and traders should keep a close eye on these technical indicators and market dynamics to gauge the next significant move in the market.
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