More

    Ethereum Rallies above $2,700, Here’s Why ETH Could Extend Gains

    Ethereum gained bullish momentum and traded to a new all-time high above $2,700 against the US Dollar. ETH price is likely to continue higher above $2,700 and $2,750.

    Ethereum is trading in a bullish zone above the $2,600 support level.
    The price is now trading well above $2,550 and the 100 hourly simple moving average.
    There was a break above a major rising channel with resistance near $2,580 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair is correcting gains, but dips are likely to remain limited below $2,550.

    Ethereum Price Remains Bullish
    Ethereum remained in a strong uptrend and it broke the $2,650 resistance zone. ETH even cleared the $2,700 resistance and settled well above the 100 hourly simple moving average.
    There was a break above a major rising channel with resistance near $2,580 on the hourly chart of ETH/USD. It traded to a new all-time high near $2,720 before starting a downside correction. Ether declined below the $2,700 and $2,680 levels.
    There was a break below the 23.6% Fib retracement level of the recent surge above the $2,431 swing low to $2,720 high. The price is now testing the broken channel resistance zone near the $2,625 level.

    Source: ETHUSD on TradingView.com
    An immediate support is near the $2,600 level. The next key support is near the 50% Fib retracement level of the recent surge above the $2,431 swing low to $2,720 high. On the upside, the price could face resistance near the $2,680 and $2,700 levels. Any more gains could open the doors for a new all-time high above $2,720. In the stated case, ether price may possibly rise towards the $2,800 level.
    Dips Supported in ETH?
    If Ethereum fails to extend gains above $2,700, there could be a downside correction. An immediate support is near the channel trend line or $2,600.
    A downside break below the channel support could lead the price towards the $2,575 level. Any more losses might call for an extended decline towards the $2,500 support zone or the 100 hourly simple moving average in the near term. An intermediate support might be near $2,550.
    Technical Indicators
    Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
    Hourly RSI – The RSI for ETH/USD is now approaching the 50 level.
    Major Support Level – $2,575
    Major Resistance Level – $2,700

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 49,426.00
    ethereum
    Ethereum (ETH) $ 3,819.73
    binance-coin
    Binance Coin (BNB) $ 578.19
    dogecoin
    Dogecoin (DOGE) $ 0.521809
    xrp
    XRP (XRP) $ 1.34
    cardano
    Cardano (ADA) $ 1.87
    tether
    Tether (USDT) $ 0.999829
    polkadot
    Polkadot (DOT) $ 40.27
    bitcoin-cash
    Bitcoin Cash (BCH) $ 1,252.11
    litecoin
    Litecoin (LTC) $ 312.91
    uniswap
    Uniswap (UNI) $ 38.02
    chainlink
    Chainlink (LINK) $ 43.95
    usd-coin
    USD Coin (USDC) $ 1.00
    stellar
    Stellar (XLM) $ 0.674607
    vechain
    VeChain (VET) $ 0.182617
    ethereum-classic
    Ethereum Classic (ETC) $ 88.27
    solana
    Solana (SOL) $ 40.63
    eos
    EOS (EOS) $ 10.74
    theta-token
    Theta Network (THETA) $ 10.21
    okb
    OKB (OKB) $ 33.41
    tron
    TRON (TRX) $ 0.121368
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 49,495.00
    filecoin
    Filecoin (FIL) $ 116.62
    binance-usd
    Binance USD (BUSD) $ 1.00
    monero
    Monero (XMR) $ 403.07
    matic-network
    Polygon (MATIC) $ 1.14
    neo
    NEO (NEO) $ 96.78
    aave
    Aave (AAVE) $ 523.45
    compound-ether
    cETH (CETH) $ 76.14
    huobi-token
    Huobi Token (HT) $ 33.16
    terra-luna
    Terra (LUNA) $ 15.40
    bitcoin-sv
    Bitcoin SV (BSV) $ 315.23
    klay-token
    Klaytn (KLAY) $ 2.36
    cosmos
    Cosmos (ATOM) $ 23.91
    iota
    IOTA (MIOTA) $ 1.92
    tezos
    Tezos (XTZ) $ 6.14
    safemoon
    SafeMoon (SAFEMOON) $ 0.000009
    pancakeswap-token
    PancakeSwap (CAKE) $ 29.87
    ftx-token
    FTX Token (FTT) $ 55.38
    cdai
    cDAI (CDAI) $ 0.021437
    kusama
    Kusama (KSM) $ 518.00
    dai
    Dai (DAI) $ 1.00
    compound-usd-coin
    cUSDC (CUSDC) $ 0.021996
    avalanche-2
    Avalanche (AVAX) $ 33.97
    maker
    Maker (MKR) $ 4,872.24
    thorchain
    THORChain (RUNE) $ 17.54
    algorand
    Algorand (ALGO) $ 1.35
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.159458
    bittorrent-2
    BitTorrent (BTT) $ 0.006052
    compound-governance-token
    Compound (COMP) $ 764.12