More

    Ethereum Consolidates Above $2,700, Here Are Chances of Downward Move

    Ethereum extended its rally and it traded to a new all-time high near $2,800 against the US Dollar. ETH price is correcting gains, but dips are likely to be supported near $2,650.

    Ethereum remained well bid and it even climbed towards the $2,800 level.
    The price is now trading well above $2,700 and the 100 hourly simple moving average.
    There is a crucial rising channel forming with support near $2,700 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could correct lower, but the bulls are likely to appear near $2,650 and $2,620.

    Ethereum Price Remains In Uptrend
    Ethereum remained well bid above the $2,650 support level, unlike bitcoin. ETH extended its rise above the $2,750 high and it settled nicely above the 100 hourly simple moving average.
    It traded to a new all-time high at $2,800 before it started a downside correction. There was a break below the $2,780 and $2,750 levels. Ether is now trading below the 23.6% Fib retracement level of the upward move from the $2,560 swing low to $2,800 high.
    It is still trading well above $2,700 and the 100 hourly simple moving average. There is also a crucial rising channel forming with support near $2,700 on the hourly chart of ETH/USD.

    Source: ETHUSD on TradingView.com
    The next key support is near the $2,680 level. It is near the 50% Fib retracement level of the upward move from the $2,560 swing low to $2,800 high. Any more losses could lead the price towards the $2,650 support level and the 100 hourly simple moving average.
    If ether fails to stay above the $2,650 support level and the 100 hourly simple moving average, it could dive towards the $2,580 level.
    Fresh Increase in ETH?
    If Ethereum remains stable above the channel support and $2,650, it could start a fresh increase. An initial resistance on the upside is near the $2,780 level.
    The first major resistance is near the $2,800 level. A clear upside break above the $2,800 level and the channel upper trend line could set the pace for a sharp increase towards the $3,000 resistance zone in the next few sessions.
    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 still above the 50 level.
    Major Support Level – $2,700
    Major Resistance Level – $2,800

    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) $ 39,790.00
    ethereum
    Ethereum (ETH) $ 2,646.74
    tether
    Tether (USDT) $ 1.00
    binance-coin
    Binance Coin (BNB) $ 335.80
    cardano
    Cardano (ADA) $ 1.33
    xrp
    XRP (XRP) $ 0.751744
    usd-coin
    USD Coin (USDC) $ 1.00
    dogecoin
    Dogecoin (DOGE) $ 0.205218
    polkadot
    Polkadot (DOT) $ 18.52
    binance-usd
    Binance USD (BUSD) $ 1.00
    uniswap
    Uniswap (UNI) $ 22.95
    bitcoin-cash
    Bitcoin Cash (BCH) $ 550.20
    chainlink
    Chainlink (LINK) $ 23.44
    litecoin
    Litecoin (LTC) $ 143.53
    solana
    Solana (SOL) $ 33.88
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 39,796.00
    matic-network
    Polygon (MATIC) $ 1.06
    ethereum-classic
    Ethereum Classic (ETC) $ 51.98
    stellar
    Stellar (XLM) $ 0.282022
    theta-token
    Theta Network (THETA) $ 5.92
    vechain
    VeChain (VET) $ 0.087168
    internet-computer
    Internet Computer (ICP) $ 41.05
    dai
    Dai (DAI) $ 1.00
    filecoin
    Filecoin (FIL) $ 55.22
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022127
    okb
    OKB (OKB) $ 18.75
    terra-luna
    Terra (LUNA) $ 11.84
    tron
    TRON (TRX) $ 0.065389
    cdai
    cDAI (CDAI) $ 0.021619
    aave
    Aave (AAVE) $ 327.29
    monero
    Monero (XMR) $ 235.31
    compound-ether
    cETH (CETH) $ 53.10
    eos
    EOS (EOS) $ 4.09
    ftx-token
    FTX Token (FTT) $ 36.28
    cosmos
    Cosmos (ATOM) $ 12.76
    pancakeswap-token
    PancakeSwap (CAKE) $ 16.16
    amp-token
    Amp (AMP) $ 0.066549
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.125967
    the-graph
    The Graph (GRT) $ 0.672754
    neo
    NEO (NEO) $ 44.81
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    leo-token
    LEO Token (LEO) $ 3.08
    bitcoin-sv
    Bitcoin SV (BSV) $ 145.76
    maker
    Maker (MKR) $ 3,016.41
    tezos
    Tezos (XTZ) $ 3.20
    algorand
    Algorand (ALGO) $ 0.838499
    klay-token
    Klaytn (KLAY) $ 1.04
    celsius-degree-token
    Celsius Network (CEL) $ 6.01
    iota
    IOTA (MIOTA) $ 0.908682
    avalanche-2
    Avalanche (AVAX) $ 13.29