12 January 2024
Ethereum price climbed higher above the $2,600 resistance. ETH outpaced Bitcoin and is holding gains above the $2,580 support zone.
Ethereum extended its increase above the $2,650 resistance zone.
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 $2,590 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a downside correction if there is a move below the $2,580 support.
Ethereum Price Eyes More Upsides
Ethereum price remained in a positive zone above the $2,500 resistance. ETH even outpaced BTC and climbed above the $2,650 resistance zone. A new multi-week high was formed near $2,683 before the price corrected gains.
There was a move below the $2,620 and $2,600 levels. The price tested the 23.6% Fib retracement level of the upward move from the $2,245 swing low to the $2,683 high. There is also a key bullish trend line forming with support at $2,590 on the hourly chart of ETH/USD.
Ethereum is now trading above $2,550 and the 100-hourly Simple Moving Average. If there is a fresh increase, the price might face resistance near the $2,640 level. The next major resistance is now near $2,680. A clear move above the $2,680 level might send ETH toward $2,720. A close above the $2,720 resistance could push the price further into a bullish zone.
Source: ETHUSD on TradingView.com
The next key resistance is near $2,780. If the bulls push Ethereum above $2,780, there could be a rally toward $2,880. Any more gains might send the price toward the $3,000 zone.
Downside Correction in ETH?
If Ethereum fails to clear the $2,680 resistance, it could start a downside correction. Initial support on the downside is near the $2,590 level and the trend line.
The first key support could be the $2,465 zone or the 50% Fib retracement level of the upward move from the $2,245 swing low to the $2,683 high. A downside break below the $2,465 support might send the price further lower. In the stated case, Ether could test the $2,350 support. Any more losses might send the price toward the $2,220 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,465
Major Resistance Level – $2,680