TA: Ethereum Gearing For Another Lift-Off to $2.8K: Rally Isn’t Over Yet

Aayush Jindal

1 year ago

2 mins read

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Ethereum is showing positive signs above $2,500 against the US Dollar. ETH price is likely to accelerate higher above $2,650 and it could revisit $2,800.

Ethereum started a steady increase above the $2,500 resistance and $2,550.
The price is now trading well above $2,500 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $2,480 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to climb further higher above $2,650 and $2,700 in the near term.

Ethereum Price Gains Bullish Momentum

Ethereum formed a base above the $2,350 level and started a fresh increase. ETH broke the $2,450 resistance zone to move into a bullish zone.

There was a break above a major bearish trend line with resistance near $2,480 on the hourly chart of ETH/USD. The pair even settled nicely above the $2,500 level and the 100 hourly simple moving average. The pair climbed above the $2,550 resistance level.

Ether is now trading well above the 76.4% Fib retracement level of the of the key decline from the $2,626 high to $2,260 swing low. An immediate resistance is near the $2,626 high. A clear upside break above the $2,626 high could set the pace for a larger increase in the coming sessions.

Source: ETHUSD on TradingView.com

The next key resistance is near the $2,715 level. It is near the 1.226 Fib extension level the of the key decline from the $2,626 high to $2,260 swing low. Any more gains above $2,720 could open the doors for a larger increase. The next major barrier for the bulls is near the $2,800 level.

Downsides Limited in ETH?

If Ethereum fails to clear the $2,620 and $2,650 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,580 level.

The first major support is near the $2,550 level. Any more losses could possibly call for a test of the $2,500 support and the 100 hourly SMA in the coming sessions. A downside break below the 100 hourly SMA could push ether price towards the $2,450 support zone.

Technical Indicators

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

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

Major Support Level – $2,500

Major Resistance Level – $2,650

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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