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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Price Consolidates: Preparing for the Next Move Higher?

Aayush Jindal
Aayush Jindal
6 months ago
2 mins read
Ethereum Price Eyes Fresh Gains

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Ethereum price is consolidating gains above the $2,580 resistance. ETH could gain pace if it clears the $2,650 resistance zone.

  • Ethereum remained in a positive zone above the $2,550 and $2,580 resistance levels.
  • The price is trading above $2,600 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support near $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move up if it clears the $2,650 and $2,680 resistance levels.

Ethereum Price Aims For More Upsides

Ethereum price remained stable above the $2,550 pivot level like Bitcoin. ETH corrected some gains and tested the $2,550 support level. Recently, it started a fresh increase above the $2,580 and $2,600 resistance levels.

There was a move above the 50% Fib retracement level of the downward move from the $2,685 swing high to the $2,538 low. The bulls were able to push the price above the $2,620 resistance zone. Besides, there is a key bullish trend line forming with support near $2,600 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,650 level. It is near the 76.4% Fib retracement level of the downward move from the $2,685 swing high to the $2,538 low.

Ethereum Price
Source: ETHUSD on TradingView.com

The first major resistance is near the $2,685 level. A clear move above the $2,685 resistance might send the price toward the $2,750 resistance. An upside break above the $2,750 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,840 resistance zone in the near term. The next hurdle sits near the $2,880 level or $2,920.

Another Drop In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,600 level and the trend line. The first major support sits near the $2,570 zone.

A clear move below the $2,570 support might push the price toward $2,550. Any more losses might send the price toward the $2,480 support level in the near term. The next key support sits at $2,420.

Technical Indicators

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

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

Major Support Level – $2,550

Major Resistance Level – $2,650

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Aayush Jindal
Aayush Jindal

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.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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