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Home»EXCHANGE NEWS»Ethereum Price Expected to Rise Further: What Does the Future Hold for ETH?
EXCHANGE NEWS

Ethereum Price Expected to Rise Further: What Does the Future Hold for ETH?

By Crypto FlexsAugust 7, 20243 Mins Read
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Ethereum Price Expected to Rise Further: What Does the Future Hold for ETH?
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Ethereum price has started a recovery wave above the $2,350 resistance zone. ETH can gain bullish momentum if it breaks above the $2,680 resistance zone.

  • Ethereum recovered above the $2,350 and $2,420 levels.
  • The price is trading below $2,640 and the 100 hourly simple moving average.
  • According to data provided by Kraken, there is a support line formed at $2,440 on the hourly chart of ETH/USD, with a connected bullish trend line forming.
  • The pair could see a steady uptrend if it breaks through the $2,680 resistance zone.

Ethereum Price Aims Higher

Ethereum price has started a recovery wave after a sharp rise below the $2,000 level. ETH has broken above the $2,200 and $2,250 resistance levels, while Bitcoin has surpassed $65,000.

There was a move above the 50% Fibonacci correction level of the downtrend from the $2,920 swing high to the $1,910 swing low. In addition, there is a bullish trend line connected to support at $2,440 on the hourly chart of ETH/USD. However, there is bearish activity near the $2,540 and $2,550 levels.

Ethereum price is still trading below $2,650 and the 100 hourly simple moving average. On the upside, the price is facing obstacles near the $2,540 level and the 61.8% Fib rectification level of the downtrend from the $2,920 swing high to the $1,910 swing low.

Source: ETHUSD on TradingView.com

The first major resistance is near the $2,680 level and the 100-hour SMA. The next major hurdle is near the $2,720 level. A close above the $2,720 level could push Ether towards the $2,860 resistance. The next major resistance is near the $2,920 level. A break above the $2,920 resistance could push the price towards the $3,000 resistance in the short term.

Will ETH fall again?

If Ethereum fails to break the $2,540 resistance, it could start another downtrend. The initial support for the downtrend is near $2,440 and the trendline area. The first major support is near the $2,365 area.

A clear move below the $2,365 support level could see the price rise to $2,250. Further losses could see the price rise to the $2,120 support level in the short term. The next major support level is $2,050.

Technical indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in a bullish zone.

Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.

Key Support Level – $2,365

Key Resistance Level – $2,540

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