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Home»BITCOIN NEWS»Ethereum price is firming up as indicators suggest a rise towards $2,800.
BITCOIN NEWS

Ethereum price is firming up as indicators suggest a rise towards $2,800.

By Crypto FlexsJanuary 12, 20243 Mins Read
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Ethereum price is firming up as indicators suggest a rise towards ,800.
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Ethereum price rose above the $2,600 resistance level. ETH is outpacing Bitcoin and maintaining its upward trend above the $2,580 support level.

  • Ethereum extended its gains above the $2,650 resistance zone.
  • The price is trading above $2,550 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline with support at $2,590.
  • A decline below the $2,580 support could trigger a downward correction.

Ethereum price, more attention on the rise

Ethereum price remained in positive territory above the $2,500 resistance line. ETH outperformed BTC and rose above the $2,650 resistance zone. A new multi-week high was made near $2,683 before the price corrected its upward trend.

There was movement below the $2,620 and $2,600 levels. The price tested the 23.6% Fib retracement level rising from the $2,245 swing low to the $2,683 high. Additionally, on the hourly chart of ETH/USD, there is a major bullish trendline with support at $2,590.

Ethereum is currently trading above $2,550 and the 100-hour simple moving average. In case of a fresh price increase, the price may face resistance near the $2,640 level. The next major resistance level is currently near $2,680. A clear break above the $2,680 level could lead ETH to $2,720. A break above the $2,720 resistance could push the price further into bullish territory.

Source: ETHUSD on TradingView.com

The next major resistance is near $2,780. If bulls push Ethereum above $2,780, there could be a rally towards $2,880. If more profits occur, the price may head towards the $3,000 area.

Fixing ETH’s shortcomings?

If Ethereum fails to clear the resistance at $2,680, a downward correction could begin. Initial support for the downside is near the $2,590 level and trend line.

The first major support could be the $2,465 zone or the 50% Fib retracement level rising from the $2,245 swing low to the $2,683 high. A break below the $2,465 support could push the price lower. If indicated, Ether could test the $2,350 support. Any more losses could push the price down to the $2,220 level.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.

RSI per hour – The RSI for ETH/USD is now above the 50 level.

Key Support Level – $2,465

Key Resistance Level – $2,680

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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