Ethereum Price Follows Bitcoin's Rally, But Momentum Falls Short

NewsBTC · 2024-10-28T19:48:49+00:00

Ethereum price has surged above $2,550 with the formation of a bullish trend line connecting with support at $2,520, but may face resistance at $2,630 and $2,650. If the resistance is cleared, it may surge to $2,880. However, a drop below $2,550 could lead to a lower correction at $2,520 and potential support at $2,450. MACD and RSI indicators support a bullish trend.

NewsBTC

2024-10-28 19:48:49

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Ethereum price started a fresh increase above the $2,550 resistance. ETH is following Bitcoin’s rally, but it is lacking the same strength.

Ethereum started a decent increase above the $2,600 zone.
The price is trading above $2,550 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2,520 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if it clears the $2,630 and $2,650 resistance levels.

Ethereum Price Starts Steady Increase

Ethereum price formed a base above the $2,450 level and started a fresh increase like Bitcoin. ETH climbed above the $2,500 and $2,550 resistance levels to move into a positive zone.

The price is up over 5% and there was a move above the $2,600 level. A high is formed at $2,630 and the price is showing positive signs. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high.

Ethereum price is now trading above $2,550 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,520 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,630 level. The first major resistance is near the $2,650 level. The main resistance is now forming near $2,720. A clear move above the $2,720 resistance might send the price toward the $2,880 resistance.

Source: ETHUSD on TradingView.comAn upside break above the $2,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,950 resistance zone.

Downside Correction In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,595 level. The first major support sits near the $2,550 zone or the 50% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high.

A clear move below the $2,550 support might push the price toward $2,520. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,320.

Technical Indicators

Hourly 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 – $2,550

Major Resistance Level – $2,650

ETH9,35%

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