Ethereum Price Prediction- After 10% Surge, Is ETH Rally Just Getting Started?
06 Dicembre 2023 - 6:40AM
NEWSBTC
Ethereum price extended its rally above the $2,250 resistance. ETH
is up over 10% and might continue to rise toward the $2,500
resistance. Ethereum is showing positive signs and recently
surpassed the $2,300 resistance. The price is trading above $2,250
and the 100-hourly Simple Moving Average. There is a major bullish
trend line forming with support near $2,250 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could extend its rally if
it clears the $2,320 resistance zone. Ethereum Price Extends Rally
Ethereum price remained in a positive zone above $2,120, like
Bitcoin. ETH extended its rally above the $2,200 and $2,250
resistance levels. The bulls remained action and the price spiked
above $2,300. A new multi-month high was formed near $2,316 and the
price is now correcting gains. There was a move below the $2,300
level. The price is now testing the 23.6% Fib retracement level of
the upward move from the $2,188 swing low to the $2,316 high.
Ethereum is now trading above $2,250 and the 100-hourly Simple
Moving Average. Besides, there is a major bullish trend line
forming with support near $2,250 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com On the upside, the price is
facing resistance near the $2,320 zone. The next key resistance is
near the $2,350 level. A clear move above the $2,350 zone could
send the price toward the $2,420 level. The next resistance sits at
$2,450. Any more gains could start a wave toward the $2,500 level.
Are Dips Supported in ETH? If Ethereum fails to clear the $2,320
resistance, it could start a downside correction. Initial support
on the downside is near the $2,265 level. The next key support is
$2,250 and the trend line. It is near the 50% Fib retracement level
of the upward move from the $2,188 swing low to the $2,316 high.
The main support is now near $2,200 or the 100-hourly Simple Moving
Average. A downside break below $2,200 might start an extended
decline. The key support is now at $2,120, below which there is a
risk of a move toward the $2,080 level in the near term. 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 level. Major Support Level – $2,200 Major Resistance Level –
$2,320
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