Categories: Bitcoin Latest News

Ethereum Price Rises, Striving to Catch Up with Bitcoin’s Rally

Ethereum price gained pace for a move above the $2,550 resistance zone. ETH is now consolidating near $2,680 and eyeing more upsides above $2,750.

Ethereum started a decent increase above the $2,450 and $2,550 levels.
The price is trading above $2,550 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise steadily if it clears the $2,720 resistance zone.

Ethereum Price Eyes More Gains Above $2,720

Ethereum price started a steady upward move above the $2,450 resistance level. ETH climbed above the $2,500 and $2,550 resistance levels like Bitcoin above $58,000.

The price even cleared the $2,650 resistance but gains were limited compared to BTC. A high was formed near $2,722 and the price is now consolidating gains. It is still above the 23.6% Fib retracement level of the upward move from the $2,311 swing low to the $2,722 high.

Ethereum price is now trading above $2,550 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD. The trend line is close to the 100-hourly Simple Moving Average and the 50% Fib retracement level of the upward move from the $2,311 swing low to the $2,722 high.

On the upside, the price is facing hurdles near the $2,700 level. The first major resistance is near the $2,720 level. A close above the $2,720 level might send Ether toward the $2,800 resistance. The next key resistance is near $2,865. An upside break above the $2,865 resistance might send the price higher toward the $3,000 resistance zone in the near term.

Are Dips Limited In ETH?

If Ethereum fails to clear the $2,720 resistance, it could start a downside correction. Initial support on the downside is near $2,620. The first major support sits near the $2,550 zone.

A clear move below the $2,550 support might push the price toward $2,450. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,250.

Technical Indicators

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

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

Major Support Level – $2,550

Major Resistance Level – $2,720

[#item_full_content]NewsBTCRead More

Recent Posts

Market ‘Pricing In A Higher Fair Value’ For Bitcoin As Price Discovery Continues

Bitcoin (BTC) has performed remarkably over the past week, surging 30% since the November 5…

11 mins ago

Bitcoin Price Pauses at $90K: Is This a Breather Before the Next Move?

Bitcoin price extended gains above $88,000. BTC is now consolidating gains near $90,000 and might…

3 hours ago

Bitcoin Closing In Fast On $90,000 As Post-Election Rally Continues

Crypto investors are getting excited about the latest price surge of Bitcoin, which occurred only…

5 hours ago

BitMEX Founder Predicts How Bitcoin Goes To $1 Million Under Trump

In his latest essay titled “Black or White?”Arthur Hayes, co-founder and former CEO of crypto…

6 hours ago

‘Just Don’t Break’ Bitcoin: Devs Debate Tech Upgrades to Top Crypto

The bitcoiners gathered at OP_Next were decidedly in favor of progress – but not too…

8 hours ago

Bitcoin Price Prediction: Analyst Sets $320,000 Target As Wave 5 Begins

The Bitcoin price has finally broken out of resistance and is on a journey to…

8 hours ago