Ethereum Price Ready to Climb if It Overcomes Key Resistance

NewsBTC · 2024-08-22T03:21:28+00:00

Ethereum's price is consolidating above $2,550 resistance, with a potential bullish momentum if it surpasses the $2,650 resistance zone. However, a failure to clear this level could push the price towards support at $2,580 or lower. Technical indicators suggest momentum is in the bullish zone.

NewsBTC

2024-08-22 03:21:28

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Ethereum price is consolidating above the $2,550 resistance. ETH could gain bullish momentum if it clears the $2,650 resistance zone.

Ethereum is struggling to gain pace for a move above the $2,650 level.
The price is trading above $2,600 and the 100-hourly Simple Moving Average.
There is a short-term contracting triangle forming with resistance at $2,640 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if there is a close above $2,650.

Ethereum Price Starts Consolidation

Ethereum price remained stable above the $2,550 level. ETH formed a base and started a steady upward move above the $2,580 level like Bitcoin. There was a move toward the $2,665 level.

A high was formed at $2,662 and the price is consolidating. There was a minor pullback below the $2,600 level. The price declined below the 50% Fib retracement level of the upward move from the $2,536 swing low to the $2,662 high.

Ethereum price is now trading above $2,620 and the 100-hourly Simple Moving Average. If there is another increase, the price might face hurdles near the $2,650 level. There is also a short-term contracting triangle forming with resistance at $2,640 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.comThe first major resistance is near the $2,720 level. A close above the $2,720 level might send Ether toward the $2,750 resistance. The next key resistance is near $2,880. An upside break above the $2,880 resistance might send the price higher toward the $3,000 resistance zone in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near $2,600. The first major support sits near the $2,580 zone. The 61.8% Fib retracement level of the upward move from the $2,536 swing low to the $2,662 high is also near the $2,580 level.

A clear move below the $2,580 support might push the price toward $2,550 where the bulls could emerge. Any more losses might send the price toward the $2,500 support level in the near term. The next key support sits at $2,440.

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 – $2,580

Major Resistance Level – $2,650

ETH1,89%

PACE-5,67%

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