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31 October 2024
Обновлено 31 October
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Ethereum Price Surpasses $2,600 Resistance with Potential to Reach $2,720

Ethereum price has increased above the $2,600 resistance and is consolidating gains, potentially aiming for a move above the $2,720 resistance.

  • Ethereum began an increase above the $2,650 zone.
  • The price is trading above $2,600 and the 100-hourly Simple Moving Average.
  • A key bullish trend line is forming with support at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may rise further if it surpasses the $2,650 and $2,720 resistance levels.

Ethereum Price Eyes More Gains

Ethereum formed a base above $2,550 and increased similarly to Bitcoin. ETH surpassed the $2,600 and $2,620 resistance levels, entering a positive zone.

The price broke the $2,650 resistance, reaching a high of $2,719 before consolidating gains. A minor decline occurred below $2,680, dropping beneath the 23.6% Fib retracement level from the $2,489 swing low to the $2,719 high.

Currently, Ethereum trades above $2,600 and the 100-hourly Simple Moving Average. A bullish trend line supports at $2,540 on the hourly chart.

On the upside, resistance near $2,650 poses challenges. The first major resistance is around $2,700, while the main resistance forms near $2,720. A clear break above $2,720 could propel the price toward $2,880.

Ethereum Price

If ETH breaks the $2,880 resistance, further gains may occur, potentially reaching the $3,000 resistance zone.

Downside Correction In ETH?

If Ethereum does not clear the $2,650 resistance, it may initiate a downside correction. Initial support is near $2,600 and the 50% Fib retracement level from the $2,489 swing low to the $2,719 high.

The first major support is near $2,540. A move below this level could push the price toward $2,500, with further losses possibly leading to the $2,450 support level. The next key support sits at $2,320.

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 above the 50 zone.

Major Support Level: $2,600

Major Resistance Level: $2,650