Ethereum Price Eyes Bitcoin’s Lead: Can It Climb to a New Weekly High?
Ethereum price is eyeing a fresh increase like Bitcoin. ETH must surpass $2,665 to continue higher and trade to a new high in the near term.
- Ethereum is aiming for a fresh increase above the $2,665 level.
- The price is trading above $2,620 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2,625 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $2,600 support to start a fresh increase in the near term.
Ethereum Price Eyes More Upsides
Ethereum price found support near the $2,550 level and started a fresh increase like Bitcoin . ETH was able to clear the $2,600 resistance level, but upsides were less compared to BTC.
The price climbed above the 50% Fib retracement level of the downward move from the $2,700 swing high to the $2,554 low. Besides, there was a break above a connecting bearish trend line with resistance at $2,625 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,620 and the 100-hourly Simple Moving Average . On the upside, the price seems to be facing hurdles near the $2,665 level. It is near the 76.4% Fib retracement level of the downward move from the $2,700 swing high to the $2,554 low.
Source: ETHUSD on TradingView.comThe first major resistance is near the $2,700 level. The next key resistance is near $2,720. An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,780 resistance zone in the near term. The next hurdle sits near the $2,850 level or $2,880.
Another Drop In ETH?
If Ethereum fails to clear the $2,665 resistance, it could start another decline. Initial support on the downside is near the $2,600 level and the 100-hourly Simple Moving Average. The first major support sits near the $2,550 zone.
A clear move below the $2,550 support might push the price toward $2,525. Any more losses might send the price toward the $2,480 support level in the near term. The next key support sits at $2,440.
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 below the 50 zone.
Major Support Level – $2,600
Major Resistance Level – $2,665
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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