More

    Ethereum Seems Unstoppable, Here’s How ETH Could Extend Rally

    Ethereum remained in a positive zone and it traded to a new all-time high above $2,750 against the US Dollar. ETH price is correcting gains, but dips are likely to be limited below $2,650.

    Ethereum extended its rise above the $2,700 and $2,740 resistance levels.
    The price is now trading well above $2,650 and the 100 hourly simple moving average.
    There is a major rising channel forming with support near $2,640 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair is likely to start a fresh increase above the $2,750 resistance zone in the near term.

    Ethereum Price Eyes More Gains
    Ethereum is following a bullish path above the $2,600 pivot level. ETH even cleared the $2,720 resistance and settled well above the 100 hourly simple moving average.
    It traded to a new all-time high at $2,764 before it started a downside correction. There was a break below the $2,720 and $2,700 levels. Ether is now trading below the 23.6% Fib retracement level of the recent wave from the $2,560 swing low to $2,764 high.
    It is still trading well above $2,650 and the 100 hourly simple moving average. There is also a major rising channel forming with support near $2,640 on the hourly chart of ETH/USD.

    Source: ETHUSD on TradingView.com
    The channel support is close to the 50% Fib retracement level of the recent wave from the $2,560 swing low to $2,764 high. On the upside, the price is facing resistance near the $2,750 and $2,760 levels. A successful close above the $2,760 zone could set the pace for more gains.
    The next major resistance is near the $2,800 level, above which the price could accelerate higher towards the $2,880 level. The main target for the bulls may possibly be near the $3,000 level.
    Dips Limited in ETH?
    If Ethereum fails to extend gains above $2,750, there could be a downside correction. An immediate support is near the channel trend line or $2,650.
    A downside break below the channel support could lead the price towards the $2,600 support. Any more losses might call for an extended decline towards the $2,550 support zone or the 100 hourly simple moving average in the near term.
    Technical Indicators
    Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
    Hourly RSI – The RSI for ETH/USD is now approaching the 50 level.
    Major Support Level – $2,650
    Major Resistance Level – $2,750

    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) $ 49,417.00
    ethereum
    Ethereum (ETH) $ 3,812.73
    binance-coin
    Binance Coin (BNB) $ 576.69
    dogecoin
    Dogecoin (DOGE) $ 0.485437
    xrp
    XRP (XRP) $ 1.34
    cardano
    Cardano (ADA) $ 1.88
    tether
    Tether (USDT) $ 1.00
    polkadot
    Polkadot (DOT) $ 40.35
    bitcoin-cash
    Bitcoin Cash (BCH) $ 1,252.47
    litecoin
    Litecoin (LTC) $ 311.12
    uniswap
    Uniswap (UNI) $ 37.92
    chainlink
    Chainlink (LINK) $ 43.68
    usd-coin
    USD Coin (USDC) $ 1.00
    stellar
    Stellar (XLM) $ 0.690243
    vechain
    VeChain (VET) $ 0.183631
    ethereum-classic
    Ethereum Classic (ETC) $ 87.79
    solana
    Solana (SOL) $ 40.64
    eos
    EOS (EOS) $ 10.79
    theta-token
    Theta Network (THETA) $ 10.20
    okb
    OKB (OKB) $ 34.10
    tron
    TRON (TRX) $ 0.121458
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 49,441.00
    filecoin
    Filecoin (FIL) $ 114.96
    binance-usd
    Binance USD (BUSD) $ 0.998150
    monero
    Monero (XMR) $ 402.35
    matic-network
    Polygon (MATIC) $ 1.14
    neo
    NEO (NEO) $ 97.23
    aave
    Aave (AAVE) $ 520.47
    huobi-token
    Huobi Token (HT) $ 33.22
    terra-luna
    Terra (LUNA) $ 15.51
    compound-ether
    cETH (CETH) $ 76.38
    bitcoin-sv
    Bitcoin SV (BSV) $ 313.58
    klay-token
    Klaytn (KLAY) $ 2.38
    cosmos
    Cosmos (ATOM) $ 23.74
    iota
    IOTA (MIOTA) $ 1.92
    tezos
    Tezos (XTZ) $ 6.12
    pancakeswap-token
    PancakeSwap (CAKE) $ 29.88
    safemoon
    SafeMoon (SAFEMOON) $ 0.000009
    ftx-token
    FTX Token (FTT) $ 55.26
    cdai
    cDAI (CDAI) $ 0.021486
    kusama
    Kusama (KSM) $ 519.18
    dai
    Dai (DAI) $ 1.00
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022037
    maker
    Maker (MKR) $ 4,875.52
    avalanche-2
    Avalanche (AVAX) $ 33.93
    thorchain
    THORChain (RUNE) $ 17.45
    algorand
    Algorand (ALGO) $ 1.36
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.161967
    bittorrent-2
    BitTorrent (BTT) $ 0.006055
    compound-governance-token
    Compound (COMP) $ 773.09