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14/08/24
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Ethereum Surges Past $2,650: Targeting $3,000 Amidst Resistance and Support Dynamics
Ethereum’s price has shown a notable upward trend, successfully moving past the $2,650 resistance level. Following this momentum, ETH is outperforming Bitcoin and could potentially target the $3,000 resistance level in the near future.
The upward movement initiated at the $2,520 support level has allowed Ethereum to surge beyond $2,650, with a recent spike observed at $2,732. Currently, the price is consolidating slightly below the $2,700 level, indicating a correction after the earlier gains. This dip saw Ethereum fall beneath the 23.6% Fibonacci retracement level, marking the distance between the recent swing low of $2,613 and the swing high of $2,732.
At present, Ethereum is trading above $2,670, comfortably positioned above the 100-hour Simple Moving Average. A significant contracting triangle is evolving on the hourly chart, with its support resting at $2,670. This triangle’s support aligns with the 50% Fibonacci retracement level of the upward movement from $2,613 to $2,732. Should Ethereum continue to rally, it might encounter resistance around the $2,720 level. The primary resistance point to watch is near $2,750, and a decisive move beyond this level could propel Ethereum toward an even higher resistance at $2,820.
On the flip side, if Ethereum struggles to surpass the $2,720 resistance, it may begin to decline gradually. Initial support is expected near $2,670, coinciding with the triangle’s trendline. Following this, major support would emerge around the $2,640 level, alongside the 100-hour SMA. Should the price settle below $2,640, it could make its way to $2,620, with further declines possibly targeting the $2,550 support and perhaps even the $2,520 level.
Overall, technical indicators suggest that while there is potential for further gains, Ethereum’s price action could also face significant headwinds.
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