Ethereum Price Might Climb to $3K Soon—Benefiting from Bitcoin’s Momentum
Reasons to Rely On Us
We uphold a rigorous editorial policy prioritizing accuracy, relevance, and neutrality.
Our content is crafted by professionals in the field and thoroughly audited.
We adhere to the highest standards in our reporting and publication practices.
We uphold a rigorous editorial policy prioritizing accuracy, relevance, and neutrality.
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
The Ethereum price has established support at $2,440 and is now on an upward trajectory. ETH is currently gaining and may look to breach the $2,650 resistance level.
- Ethereum has commenced a strong rally surpassing the $2,500 and $2,520 thresholds.
- It is trading above $2,540, along with the 100-hour moving average.
- A bullish trend line is forming with support around $2,500 on the hourly ETH/USD chart.
- Should the pair overcome the $2,620 resistance, it could gain further momentum.
Potential for Strength in Ethereum Price
The Ethereum price held within a range above $2,350 while Bitcoin reached a new all-time high. Bulls were active around the $2,440 mark, establishing a low at $2,442 before embarking on a new growth phase.
The price moved above both the $2,500 and $2,520 levels, surpassing the 50% Fibonacci retracement of the decline from the $2,615 peak to the $2,442 low. Additionally, a bullish trend line is forming with support at $2,500 on the hourly ETH/USD chart.
Currently, Ethereum is trading above $2,520 and the 100-hour moving average, also exceeding the 76.4% Fibonacci retracement of the downtrend from the $2,615 swing high to the $2,442 low.
On the upward direction, resistance may present itself near the $2,620 level. The next significant hurdle comes in at approximately $2,650, followed by a vital resistance zone around $2,720. A decisive move past the $2,720 mark could propel the price towards the $2,840 level.
A breakthrough above the $2,840 barrier could lead to further advancements in subsequent sessions, potentially driving Ether towards the $2,920 range or up to $3,000 shortly.
Possibility of a Drop in ETH?
If Ethereum fails to clear the $2,620 resistance, a fresh decline could ensue. Key support initially lies around the $2,525 mark, with the primary major support being the $2,500 area and the trend line.
A definitive drop below the $2,500 support level may push the price down to $2,440. Continued losses could lead to a decline towards the $2,420 support, with the next notable support being located at $2,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD shows increasing bullish momentum.
Hourly RSI – The RSI for ETH/USD is currently above the 50 mark.
Major Support Level – $2,500
Major Resistance Level – $2,620
Post Comment