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Ethereum Price Lags While Bitcoin Moves Toward New ATH Ethereum Price Lags While Bitcoin Moves Toward New ATH

Ethereum Price Lags While Bitcoin Moves Toward New ATH


Este artículo también está disponible en español.

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.

Source: ETHUSD on TradingView.com

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 MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

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

Major Support Level – $2,600

Major Resistance Level – $2,680

Source link

Aayush Jindal

https://www.newsbtc.com/analysis/eth/ethereum-price-lags-bitcoin-ath/

2024-10-30 03:48:37

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