Ethereum Price Lags While Bitcoin Moves Toward New ATH
30 Outubro 2024 - 12:48AM
NEWSBTC
Ethereum price started a fresh increase above the $2,580
resistance. ETH is still very far from a new all-time high while
Bitcoin is near ATH. Ethereum started a decent increase above the
$2,620 zone. The price is trading above $2,580 and the 100-hourly
Simple Moving Average. There is a connecting bullish trend line
forming with support at $2,530 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could continue to rise if it clears the
$2,650 and $2,680 resistance levels. Ethereum Price Climbs Slowly
Ethereum price formed a base above the $2,465 level and started a
fresh increase like Bitcoin. ETH climbed above the $2,550 and
$2,580 resistance levels to move into a positive zone. The price is
up over 5% and there was a move above the $2,620 level. A high is
formed at $2,680 and the price is struggling to follow Bitcoin’s
strength. The price corrected gains and traded below the 23.6% Fib
retracement level of the upward move from the $2,488 swing low to
the $2,680 high. Ethereum price is now trading above $2,600 and the
100-hourly Simple Moving Average. There is also a connecting
bullish trend line forming with support at $2,530 on the hourly
chart of ETH/USD. On the upside, the price seems to be facing
hurdles near the $2,650 level. The first major resistance is near
the $2,680 level. The main resistance is now forming near $2,720. A
clear move above the $2,720 resistance might send the price toward
the $2,915 resistance. An upside break above the $2,915 resistance
might call for more gains in the coming sessions. In the stated
case, Ether could rise toward the $3,000 resistance zone. Downside
Correction In ETH? If Ethereum fails to clear the $2,680
resistance, it could start a downside correction. Initial support
on the downside is near the $2,600 level. The first major support
sits near the $2,560 zone or the 61.8% Fib retracement level of the
upward move from the $2,488 swing low to the $2,680 high. A clear
move below the $2,600 support might push the price toward $2,550.
Any more losses might send the price toward the $2,530 support
level in the near term. The next key support sits at $2,450.
Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining
momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is
now above the 50 zone. Major Support Level – $2,600 Major
Resistance Level – $2,680
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