TA: Ethereum Outpaces Bitcoin, Here’s Why ETH Could Surpass $2,880

Aayush Jindal

1 year ago

2 mins read

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Ethereum started a fresh increase from the $2,550 support zone against the US Dollar. ETH price is rising, and it is likely to accelerate higher if it breaks $2,880.

Ethereum is showing positive signs above the $2,750 resistance zone.
The price is well above the $2,700 support and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $2,750 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a strong increase if there is no break below the 100 hourly SMA and $2,700.

Ethereum Price Is Eyeing More Upsides

After retesting the key $2,550 support zone, ethereum started a fresh increase above the $2,650 resistance zone. ETH gained pace above the $2,700 and $2,720 levels.

The price gained pace above the 50% Fib retracement level of the of the downward move from the $2,814 swing high to $2,548 low. There was also a break above a major bearish trend line with resistance near $2,750 on the hourly chart of ETH/USD.

The pair is now well above the $2,700 support and the 100 hourly simple moving average, unlike bitcoin. Ether is also above the 76.4% Fib retracement level of the of the downward move from the $2,814 swing high to $2,548 low. An immediate resistance is near the $2,814 high.

Source: ETHUSD on TradingView.com

The first major resistance is near the $2,850 level. The main hurdle is near the $2,880 level. A clear upside break above the $2,880 level could set the pace for a larger increase. In the stated case, the price could test the $3,000 level.

Dips Supported in ETH?

If Ethereum fails to clear the $2,800 and $2,850 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,750 level.

The main support is now forming near the $2,650 level and the 100 hourly SMA. A downside break below $2,650 and the 100 hourly SMA could open the doors for a larger decline. The next major support sits near the $2,550 zone, below which the price is likely to move into a bearish zone.

Technical Indicators

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

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

Major Support Level – $2,650

Major Resistance Level – $2,850

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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