Thursday, July 29

Ethereum (ETH) Price Analysis: Gaining Speed, What Are The Key Levels?

[ad_1]

Ethereum gained momentum above the $2,550 resistance area against the US Dollar. ETH price is trading in a positive zone and it could rise if it breaks the $2,750 resistance. According to technical analysis by NewsBTC’s Aayush Jindal:

  • Ethereum is slowly rising and broke the key $ 2,500 resistance zone.
  • The price is currently trading well above $2,500 and the 100 hourly simple moving average.
  • There is a key ascending channel forming with support near $2,640 on the hourly chart of ETH/USD (data from Kraken).
  • The pair’s rise could gain momentum if it breaks the main $2,750 resistance zone in the near term.

Ethereum (ETH) Price Gains Speed

Contact us to be instantly informed about the last minute developments. Twitter and Telegram You can follow our channel.

Ethereum started a reasonable upward move from the $2,400 support zone. ETH climbed above the $2,480 and $2,500 resistance levels. There was also a clear break above the $2,650 resistance zone.

It traded as high as $ 2,746 before the price started a downside correction. There was a break below the $2,700 and $2,650 levels. Ethereum broke below the 23.6% Fib retracement level of the upward move from $ 2,277 to $ 2,746.

It is currently trading well above $2,500 and the 100 hourly simple moving average. There is also an important bullish channel formed with support near $ 2,640 on the hourly chart of ETH / USD.

ethereum eth price analysis is gaining momentum what are the important levels 1

On the upside, an immediate resistance is near the $2,700 level. The first major resistance is near the $ 2,750 level and the recent high. A close above the $2,750 level could start a major increase towards the $2,850 level. The next major resistance is near the $3,000 zone.

Will Ethereum (ETH) Drop?

If Ethereum fails to clear the $2,700 and $2,750 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,600 zone and the channel trend line.

A downside break below the channel support could push the price towards the $2,500 support and the 100 hourly SMA. The 50% Fib retracement level of the upward move from the $2,277 high to $2,746 high is also near the $2,510 level. The next key support is near the $2,450 level. Any more losses could lead the price towards the $2,400 support in the near term.

Technical Indicators

  • Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
  • Major Support Level – $2,500
  • Main Resistance Level – $2,750

[ad_2]