Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

TOP SEARCHES

Stocks popular

Crypto

Currencies

CFD

Support

Ethereum Bulls Eye $2,750: A Pathway to New Highs

image
icon 13/08/24
icon 79

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.

Recomended for you

image

Crude Prices Drop After IEA Monthly Report

On Wednesday, crude prices dropped and gave back earlier gains after the IEA reduced its forecast for this year’s demand...

May 15, 2024
icon 272
May 15, 2024
icon 272
prev next
This site is registered on wpml.org as a development site.