Ethereum Price Gains Strength, Outpaces Bitcoin With An 8% Surge
13 Agosto 2024 - 5:48AM
NEWSBTC
Ethereum price started a steady increase above the $2,550
resistance. ETH is beating Bitcoin and might even clear the $2,750
resistance zone. Ethereum started a fresh increase above the $2,550
and $2,650 levels. The price is trading above $2,650 and the
100-hourly Simple Moving Average. There is a connecting bullish
trend line forming with support at $2,695 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could extend gains if it
clears the $2,750 resistance zone. Ethereum Price Jumps Over 8%
Ethereum price remained stable near the $2,520 support zone. ETH
formed a base and started a fresh increase above the $2,600 level.
The price gained over 8%, outperformed Bitcoin, and even surpassed
the $2,650 resistance zone. The price spiked above the $2,720
resistance. A high was formed at $2,748 and the price is now
consolidating gains. There is also a connecting bullish trend line
forming with support at $2,695 on the hourly chart of ETH/USD. The
trend line is close to the 23.6% Fib retracement level of the
upward move from the $2,518 swing low to the $2,748 high. Ethereum
price is now trading above $2,650 and the 100-hourly Simple Moving
Average. If there is another increase, the price might face hurdles
near the $2,720 level. The first major resistance is near the
$2,750 level. A close above the $2,750 level might send Ether
toward the $2,880 resistance. The next key resistance is near
$2,920. An upside break above the $2,920 resistance might send the
price higher toward the $3,000 resistance zone in the near term.
Another Decline In ETH? If Ethereum fails to clear the $2,750
resistance, it could start a downside correction. Initial support
on the downside is near $2,700 and the trend line. The first major
support sits near the $2,640 zone and the 50% Fib retracement level
of the upward move from the $2,518 swing low to the $2,748 high. A
clear move below the $2,640 support might push the price toward
$2,580. Any more losses might send the price toward the $2,520
support level in the near term. The next key support sits at
$2,450. 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 – $2,695
Major Resistance Level – $2,750
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