#Ethereum #ETH #CryptoMarket #Bitcoin #ETHUSD #Cryptocurrency #EthereumRally #Blockchain
Following the decline below $2,250, Ethereum’s price is now showing significant strength, outperforming Bitcoin. Ethereum has seen a steep rise which began after it reached its recent low point of $2,180. The resurgence was marked by moves above the $2,250 and $2,280 resistance levels, thereby signaling the entry of the bulls into the market. The upward trend gained further momentum as the currency crossed the $2,350 resistance barrier, forming a new multi-day high of around $2,441. Currently, Ethereum consolidates these gains as it continues to trade above the 23.6% Fibonacci retracement level measured from its previous swing low of $2,180 to its new high.
At this point, Ethereum’s price is trading above $2,350 along with the 100-hourly Simple Moving Average. In terms of upward movement, Ethereum’s immediate resistance is set around the $2,440 level. On the other hand, if the currency manages to close above $2,500, it might push towards $2,550. However, Ethereum would face another significant hurdle at approximately $2,620, surpassing which could trigger another bullish wave that might test the $2,800 region. In the case that Ethereum is unable to clear the $2,440 resistance, a correction might ensue where the first line of support is predicted at the $2,380 level, followed by $2,320. Should Ethereum fall below the latter, the decline could accelerate, which might revisit the $2,200 support level or even drop to around $2,120.
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