Ethereum Price Defies The Trend—Beating Bitcoin in Recent Gains
Ethereum prices show positive signs of regions above $2,650. ETH beats Bitcoin and may increase again in the short term.
- Ethereum is holding earnings and aims to earn more.
- Prices trade above the $2,650 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (via Kraken’s feed), there is a bullish trend line formed with supported support, supporting $2,700.
- If the couple reaches $2,750 and above $2,780, then a nice move can be started.
Ethereum price restores traction
Ethereum price attempts to re-raise at levels above $2,700, beating Bitcoin. ETH broke the $2,750 resistance but failed to clear the $2,850 resistance zone.
The high price was established at $2,847, and the price started fresh decline. Action below the $2,750 and $2,720 support levels. The low price is $2,689 and the price is now consolidating earnings. Recently, it has dropped the $2,847 swing speed, above the $2,847 drop to the $2,689 low and above the 23.6% FIB retracement level.
Ethereum Price is now trading above $2,700 and a simple moving average of 100 hours. On the hourly chart of ETH/USD, there is also a connected bullish trend line that supports $2,700.
On the plus side, the price seems to be facing a $2,750 hurdle. The first major resistance is the level close to the $2,765 level, which is the FIB retracement level that has recently dropped from the $2,847 swing rate to the $2,689 low. Now the formation of the main resistor is close to $2,800 or $2,820.
A noticeable move to resistors above $2,820 could shift the price to resistors at $2,850. A rise in resistors above $2,850 could demand more gains in the upcoming meeting. In the case of statements, ether may rise toward the $3,000 resistance zone or even $3,050 in the short term.
Another drop in ETH?
If Ethereum fails to clear the $2,750 resistor, it may drop again. The initial support for disadvantages is close to the $2,700 level. The first major support is located near the $2,680 area.
A clear move to support below $2,680 could push the price toward support of $2,620. In the near term, more losses could shift the price to the support level of $2,550. The next key supports $2,500.
Technical Indicators
Hourly MACD – MACD of ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI of ETH/USD is now below the 50 zone.
Main support level – $2,700
Main resistance level – $2,750
