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13/08/24
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Ethereum Bulls Eye $2,750: A Pathway to New Highs
Ethereum has been on an upward trajectory, successfully surpassing the $2,550 resistance level and showing potential to breach the $2,750 level. Currently, the price is comfortably trading above $2,650, supported by the 100-hourly Simple Moving Average, signaling a strong bullish momentum.
After establishing a solid base around the $2,520 support level, Ethereum gained more than 8% and outperformed Bitcoin in the process. The price rallied beyond the $2,720 resistance, reaching a peak of $2,748 before entering a phase of consolidation. A bullish trend line is forming with support positioned at approximately $2,695, further reinforcing the positive sentiment. This trend line aligns closely with the 23.6% Fibonacci retracement level from the recent upward movement.
For Ethereum to maintain its bullish trajectory, clearing the $2,750 level remains crucial. Successfully closing above this level could pave the way for further gains, potentially leading the price toward key resistance levels at $2,880 and ultimately $2,920. A breakout above $2,920 might set the stage for an ascent toward the $3,000 region.
Conversely, if Ethereum struggles to overcome the $2,750 resistance, a downward correction could be imminent. Initial support levels are expected around $2,700, corresponding with the bullish trend line. Should prices fall below $2,640, significant support can be secured at this level and the 50% Fibonacci retracement level. A decisive drop below $2,640 might escalate declines toward $2,580, with further losses potentially heading down to the $2,520 support level. Ultimately, the next crucial support exists around $2,450.
Technical indicators reveal that while the MACD for ETH/USD is losing some bullish momentum, the relative strength index (RSI) remains above the neutral 50 mark, indicating that buying pressure still exists.
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