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14/10/24
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Ethereum Rises Above Key Levels: Trends and Resistance Insights
Ethereum’s price has embarked on a steady upward trajectory, surpassing both the $2,420 and $2,450 resistance levels. Currently, ETH is trading comfortably above $2,440 and maintains its position above the 100-hourly Simple Moving Average. A significant bullish trend line is developing, with support positioned around $2,455, indicating a positive trend within the market for ETH/USD.
After establishing a base above the $2,350 level, Ethereum initiated a fresh upward movement, successfully clearing the mentioned resistance levels and outperforming Bitcoin in the process. The price rose above $2,500, reaching a high of $2,518, currently stabilizing as it consolidates its gains. Importantly, Ethereum remains above the 23.6% Fibonacci retracement level of its recent upward movement from the swing low of $2,436 to the peak at $2,518.
On the upside, Ethereum faces resistance around the $2,520 level, with $2,550 being a key barrier that, if surpassed, could lead to further upward momentum towards $2,580. A successful break through this level might pave the way for Ethereum to approach the $2,620 resistance area within the short term. The following hurdles await at $2,650 and potentially $2,720.
However, if Ethereum struggles to overcome the $2,520 resistance, a pullback could be anticipated. Initial support is likely to be found near the $2,480 level, followed by stronger support around $2,455, which aligns with the bullish trend line and the 76.4% Fibonacci level of the recent upward movement. A decisive move below the $2,435 support could signal a decline towards $2,420, and further losses might drive Ethereum down to the $2,350 level, with significant support at $2,250.
Technical indicators reflect a strengthening scenario, as the MACD for ETH/USD indicates growing bullish momentum, while the RSI remains above the neutral 50 level.
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