Ethereum Price Eyes Bitcoin’s Lead: Can It Climb to a New Weekly High?
26 Septiembre 2024 - 10:28PM
NEWSBTC
Ethereum price is eyeing a fresh increase like Bitcoin. ETH must
surpass $2,665 to continue higher and trade to a new high in the
near term. Ethereum is aiming for a fresh increase above the $2,665
level. The price is trading above $2,620 and the 100-hourly Simple
Moving Average. There was a break above a connecting bearish trend
line with resistance at $2,625 on the hourly chart of ETH/USD (data
feed via Kraken). The pair must stay above the $2,600 support to
start a fresh increase in the near term. Ethereum Price Eyes More
Upsides Ethereum price found support near the $2,550 level and
started a fresh increase like Bitcoin. ETH was able to clear the
$2,600 resistance level, but upsides were less compared to BTC. The
price climbed above the 50% Fib retracement level of the downward
move from the $2,700 swing high to the $2,554 low. Besides, there
was a break above a connecting bearish trend line with resistance
at $2,625 on the hourly chart of ETH/USD. Ethereum price is now
trading above $2,620 and the 100-hourly Simple Moving Average. On
the upside, the price seems to be facing hurdles near the $2,665
level. It is near the 76.4% Fib retracement level of the downward
move from the $2,700 swing high to the $2,554 low. The first major
resistance is near the $2,700 level. The next key resistance is
near $2,720. An upside break above the $2,720 resistance might call
for more gains in the coming sessions. In the stated case, Ether
could rise toward the $2,780 resistance zone in the near term. The
next hurdle sits near the $2,850 level or $2,880. Another Drop In
ETH? If Ethereum fails to clear the $2,665 resistance, it could
start another decline. Initial support on the downside is near the
$2,600 level and the 100-hourly Simple Moving Average. The first
major support sits near the $2,550 zone. A clear move below the
$2,550 support might push the price toward $2,525. Any more losses
might send the price toward the $2,480 support level in the near
term. The next key support sits at $2,440. Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the
bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50
zone. Major Support Level – $2,600 Major Resistance Level – $2,665
Ethereum (COIN:ETHUSD)
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