TA: Ethereum (ETH) Outpaces Bitcoin, Why Bulls Aim Larger Increase
July 30 2021 - 12:08AM
NEWSBTC
Ethereum is up over 5% and it broke the $2,400 resistance against
the US Dollar. ETH price outpaced bitcoin and it seems like there
are chances of more gains above $2,450. Ethereum started a fresh
increase and it managed to surpass the $2,320 resistance zone. The
price is now trading well above $2,300 and the 100 hourly simple
moving average. There is a major bullish trend line forming with
support near $2,340 on the hourly chart of ETH/USD (data feed via
Kraken). The pair could correct lower, but the bulls are likely to
remain active near $2,390 and $2,350. Ethereum Price is Gaining
Pace Ethereum formed a support base above $2,250 and started a
fresh increase, outpacing bitcoin. ETH price gained strength and it
broke the main $2,300 and $2,320 resistance levels. The price even
surged above the $2,400 level and the 100 hourly simple moving
average. It opened the doors for more gains and the price traded as
high as $2,450 level. It is now correcting gains from the $2,450
resistance zone. Ether is approaching the 23.6% Fib retracement
level of the upward wave from the $2,303 swing low to $2,451 high.
The first major support is near the $2,390 and $2,380 levels. It is
near the 50% Fib retracement level of the upward wave from the
$2,303 swing low to $2,451 high. There is also a major bullish
trend line forming with support near $2,340 on the hourly chart of
ETH/USD. Source: ETHUSD on TradingView.com The next key support is
near the $2,280 level and the 100 hourly simple moving average. A
clear downside break below the $2,280 support zone could lead the
price towards the $2,200 support. More Gains in ETH? If ethereum
remains stable $2,340, it could continue to rise in the near term.
An immediate resistance on the upside is near the $2,450 level. A
clear break and close above $2,450 might start another steady
increase. In the stated case, the price could easily rise towards
the $2,500 level. The next key resistance is near the $2,550 level,
above which the price might test $2,680 in the near term. Technical
Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace
in the bullish zone. Hourly RSI – The RSI for ETH/USD is now
correcting lower from the overbought zone. Major Support Level –
$2,340 Major Resistance Level – $2,450
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