Ethereum Price Bulls Keeps Pushing, Why Rally Is Round The Corner

Share This Post

Ethereum is consolidating gains above the $1,300 zone against the US Dollar. ETH could gain pace if there is a clear move above the $1,370 zone.

  • Ethereum is showing positive signs above the $1,320 and $1,330 levels.
  • The price is now trading above $1,320 and the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $1,350 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rally if there is a clear move above $1,350 and $1,370.

Ethereum Price Remains Supported

Ethereum gained pace after it broke the $1,300 and $1,320 resistance levels. ETH even cleared the $1,350 level and settled above the 100 hourly simple moving average.

However, the price failed to clear the $1,370 level. A high was formed near $1,370 before there was a downside correction. There was a move below the $1,350 level. Ether price declined below the 23.6% Fib retracement level of the upward wave from the $1,250 swing zone to $1,370 high.

It is now trading above $1,320 and the 100 hourly simple moving average. There is also a key contracting triangle forming with resistance near $1,350 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $1,350 level and the triangle trend line. The first major resistance is near the $1,365 and $1,370 levels. The main barrier is still near the $1,400 zone. A clear upside break above the $1,400 resistance zone could open the doors for a strong increase. In the stated case, the price might climb towards the $1,500 level.

Dips Supported in ETH?

If ethereum fails to climb above the $1,350 resistance, it could continue to move down. An initial support on the downside is near the $1,320 level.

The next major support is near the $1,310 level and the $1,300 zone. It is near the 50% Fib retracement level of the upward wave from the $1,250 swing zone to $1,370 high. A downside break below the $1,300 zone might start a fresh decline to $1,270 in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,320

Major Resistance Level – $1,370

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitwise Plans ETF Merger, Aims to Launch Momentum-Based Bitcoin and Ether Fund 

Asset manager Bitwise has filed a proposal with the US Securities and Exchange Commission (SEC) to merge three bitcoin and ethereum futures exchange-traded funds (ETFs) into a single fund This new

Bitcoin Struggles In Early October: Bullish Rebound Ahead For BTC?

Bitcoin (BTC) has faced a rough start to the historically bullish month of October, impacted by escalating geopolitical tensions in the Middle East Despite this, bulls remain hopeful for a turnaround

Bitcoin Whales Set Profit-Taking Record In Bull Cycle — What’s Happening?

The price of Bitcoin has not had the most straightforward performance in 2024 despite a strong start to the year The flagship cryptocurrency has spent most of the last two quarters in consolidation,

Zero-Knowledge Virtual Machines Key to Ethereum Growth, Says Hashkey Capital

Hashkey Capital, one of Asia’s largest venture capital firms specializing in Web3 and cryptocurrency, has released its sector analysis for the first half of 2024 The report covers significant

Can SUI Fall To $1.40? On-Chain Data Exposes Declining Demand

SUI is currently testing a crucial supply zone following a massive 95% surge triggered by the Federal Reserve’s recent interest rate cut announcement The explosive rally, driven by significant

This Week’s NFT Sales See 10% Growth After Difficult September

Following a slow period for non-fungible token (NFT) sales in September, the past week has shown a 1007% rise in revenue compared to the previous week According to data from cryptoslamio, the total