Ethereum Price Consolidating Below Resistance
The price of Ethereum is currently consolidating below the $2,550 resistance zone. It is trading above $2,480 and the 100-hourly Simple Moving Average. However, there was a break below a connecting bullish trend line with support at $2,515 on the hourly chart of ETH/USD.
Ethereum Price Remains Supported
After breaking the $2,420 resistance, Ethereum saw a steady increase. It climbed above $2,450 and $2,500 but underperformed compared to Bitcoin. The price reached a high near $2,536 before consolidating gains.
Ethereum is still trading above the 23.6% Fib retracement level of the recent increase and the 100-hourly Simple Moving Average. If it continues to stay above the $2,475 support zone, it could start a fresh increase.
Possible Upside Targets for Ethereum
If there is a fresh increase in Ethereum’s price, it could surge above the $2,520 level. The first major resistance is near $2,550, followed by $2,620. If the bulls remain in action, they could even push the price above the $2,750 resistance and toward the $2,800 level.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,550 resistance, it may experience a downside correction. The initial support is near $2,475 and the 100-hourly SMA. The next key support is around $2,460. A move below this level could send the price toward $2,400 or even lower towards the main support at $2,380 or $2,280.
Technical Indicators
The MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is now above the 50 level.
Hot Take: Ethereum Price Consolidates Below Resistance, Awaiting Fresh Increase
Ethereum is currently consolidating below the $2,550 resistance zone after a steady increase. If it manages to stay above the $2,475 support zone, there is a possibility of a fresh increase. However, if it fails to clear the resistance, a downside correction may occur. The technical indicators show mixed signals, with the MACD losing momentum and the RSI above 50. Overall, the price of Ethereum remains supported and has potential upside targets if the bulls remain in action.
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