Ethereum Price Resumes Its Climb: Is A Bigger Rally On The Way? -

Ethereum Price Resumes Its Climb: Is A Bigger Rally On The Way?

Nov 06, 2024Jeremy ParkinsonFinance0

Ethereum price found support near $2,350 and started a fresh increase. ETH is rising and might aim for a move above the $2,580 resistance.

Ethereum started a fresh surge above the $2,500 resistance zone.

The price is trading above $2,500 and the 100-hourly Simple Moving Average.

There was a break above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could gain bullish momentum if it settles above $2,580 and $2,620.

Ethereum Price Restarts IncreaseEthereum price found support near $2,350 and started a fresh increase like Bitcoin. ETH was able to climb above the $2,420 and $2,450 resistance levels to move into a positive zone.It cleared the 50% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low. Besides, there was a break above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD.Ethereum price is now trading above $2,500 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.On the upside, the price seems to be facing hurdles near the $2,580 level. The first major resistance is near the $2,620 level. The main resistance is now forming near $2,650. A clear move above the $2,650 resistance might send the price toward the $2,720 resistance. An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone.
Another Drop In ETH?If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,520 level. The first major support sits near the $2,500 zone.A clear move below the $2,500 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 $2,350.Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.Hourly RSI – The RSI for ETH/USD is now above the 50 zone.Major Support Level – $2,450Major Resistance Level – $2,620More By This Author:Dogecoin Price Marks Local Bottom, Can Price Run 100% From Here Again?Ethereum Price Grinds Lower: Will Support Kick In Soon? Bitcoin Price Forecast: What To Expect In The Final 24 Hours Before U.S. Election