HomeEthereumEthereum Price Expected to Break Out, Turning Sentiment Bullish

Ethereum Price Expected to Break Out, Turning Sentiment Bullish

-


Ethereum Price Analysis and Forecast

The price of Ethereum is on the move again, with ETH eyeing an upside break above the $2,900 level. After struggling to settle above $3,000, Ethereum experienced a decline below key support levels but found strong support near $2,860. Now, the price is slowly moving higher and consolidating losses.

Currently trading below $2,950 and the 100-hourly Simple Moving Average, Ethereum faces immediate resistance near the $2,900 level. A key bearish trend line with resistance at $2,905 is forming on the hourly chart of ETH/USD. An upside break above this trend line could push the price towards the $2,925 level and the 100-hourly Simple Moving Average.

If Ethereum manages to close above the $2,940 and $2,950 resistance levels, it could see a decent increase towards $3,000 and potentially test the $3,050 resistance. However, failure to clear the $2,925 resistance may result in another decline, with initial support near $2,880 and major support at $2,860.

Technical indicators show that the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI is below the 50 level. The next key resistance sits at $2,950, and any further gains could propel Ethereum towards the $3,150 resistance zone.

In the event of a clear move below the $2,810 support, Ethereum could face further losses towards $2,740 and potentially the $2,650 level in the near term. Traders and investors will be closely watching these key levels as Ethereum continues its price action.

LATEST POSTS

Whale Transfers 2,000 ETH from Binance, Triggering Price Speculation – What Comes Next?

Analysis of Recent 2,000 ETH Whale Transfer and Its Impact on Ethereum's Price The cryptocurrency community is abuzz with speculation following a significant transaction involving...

South Park’s Book of Memes Token (BOSP) Debuts on Ethereum Blockchain

Introducing Book Of South Park (BOSP): A New Ethereum-Based Meme Coin Celebrating the Iconic Animated Series Introducing the latest addition to the world of cryptocurrency...

SEC Greenlights Ether ETF, but What Exactly is Ethereum? Your Finance Explains

SEC Approves Ether ETFs for US Stock Exchanges: Understanding the Differences Between Ethereum and Bitcoin The Securities and Exchange Commission (SEC) has made a significant...

Pros and Cons of Cryptocurrency in 2024 – Forbes Advisor INDIA

Understanding Cryptocurrency: A Comprehensive Guide Cryptocurrency has been a hot topic in the financial world, with its popularity soaring among investors globally. But what exactly...

Most Popular