TA: Here’s How Ethereum Could Rally To New ATH Above $2,500

Aayush Jindal

1 year ago

2 mins read

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Ethereum remained well bid and it climbed above the $2,400 level against the US Dollar. ETH price is showing positive signs and it might soon surge above USD 2,500.

Ethereum gained pace and it cleared the $2,350 resistance zone.
The price is now trading well above $2,350 and the 100 hourly simple moving average.
There was a break above a key declining channel with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is showing positive signs and it is likely to continue higher above $2,450.

Ethereum Price Remains In Uptrend

Ethereum found support near the $2,240 level and recently started a fresh increase. ETH broke a few important hurdles near $2,300 to move into a bullish zone.

There was also a break above a key declining channel with resistance near $2,300 on the hourly chart of ETH/USD. The bulls gained strength and they were able to pump the price above the $2,350 level. The price is now trading well above $2,350 and the 100 hourly simple moving average.

There was also a break above the $2,400 level and the price traded as high as $2,469. It is now correcting lower below $2,440. There was a break below the 23.6% Fib retracement level of the recent increase from the $2,238 low to $2,469 high.

Source: ETHUSD on TradingView.com

Ether is now finding bids near the $2,350 level. It is close to the 50% Fib retracement level of the recent increase from the $2,238 low to $2,469 high. The current price action is positive and it seems like the price might surge again above $2,440 and $2,450.

The next key resistance is near the $2,500 level, above which ether price is likely to set a new all-time high in the coming days.

Downsides Limited in ETH?

If Ethereum fails to clear the $2,450 and $2,500 resistance levels, it could correct lower. An initial support on the downside is near the $2,380 level.

The first support is now forming near the $2,350 level. If ether fails to stay above the $2,350 support, it could test the 100 hourly simple moving average. Any more losses might call for a test of the $2,250 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 50 level.

Major Support Level – $2,350

Major Resistance Level – $2,450

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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