Ethereum Price Consolidates Gains
The price of Ethereum is currently consolidating its gains above the $2,575 support zone. It is trading above $2,620 and the 100-hourly Simple Moving Average, indicating a positive trend. There is a short-term breakout pattern forming with resistance at $2,640 on the hourly chart of ETH/USD.
Ethereum Price Eyes Another Increase
Ethereum experienced a surge in price, reaching close to the $2,700 resistance zone. However, it later underwent a downside correction and dropped below the $2,640 and $2,620 levels. Despite this correction, Ethereum found support at $2,600 and is now attempting to increase once again. It is currently trading above $2,620 and the 100-hourly Simple Moving Average.
Resistance Levels and Potential Rise
The immediate resistance for Ethereum is near the $2,640 level. Additionally, there is a short-term breakout pattern forming with resistance at $2,640 on the hourly chart of ETH/USD. If the bulls remain active and push the price above this resistance level, Ethereum could rise towards the $2,800 resistance level. In fact, if this continues, there is a possibility that the price might even reach the $3,000 level.
Potential Decline in Ethereum
However, if Ethereum fails to clear the $2,640 resistance level, it could experience another decline. The initial support on the downside is near the $2,620 level. If there is a clear move below this support level, the price might drop towards $2,575 or even lower to the 50% Fib retracement level of the upward move. The major support zone lies at $2,550 or the 100-hourly SMA. Further losses could potentially send the price towards the $2,440 level.
Technical Indicators
The MACD for ETH/USD is gaining momentum in the bullish zone, indicating a positive trend. Additionally, the RSI for ETH/USD is now above the 50 level, further supporting the bullish sentiment.
Hot Take: Ethereum Price Poised for Another Increase
If Ethereum manages to break through the resistance levels and maintain its upward trajectory, we could see another significant increase in price. With immediate resistance near $2,640 and potential resistance at $2,680 and $2,720, Ethereum has the potential to rise towards $2,800 and even reach the $3,000 level. However, if it fails to overcome the resistance levels and experiences a decline below key support levels such as $2,620 and $2,600, there is a possibility of a downward trend towards $2,575 or even lower. The next few trading sessions will be crucial in determining Ethereum’s price movement.
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