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Home»EXCHANGE NEWS»Ethereum Price Rising, Is This The Start Bulls Have Been Waiting For?
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Ethereum Price Rising, Is This The Start Bulls Have Been Waiting For?

By Crypto FlexsJanuary 17, 20243 Mins Read
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Ethereum Price Rising, Is This The Start Bulls Have Been Waiting For?
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Ethereum price is attempting a new rise beyond the $2,550 level. ETH may continue to rise as long as it does not fall below the $2,525 support level.

  • Ethereum is attempting a new rise above the $2,520 level.
  • The price is trading above $2,520 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) has a connecting bullish trendline with support at $2,540.
  • A break above the $2,600 and $2,620 resistance levels could continue the upward move for the currency pair.

Ethereum price maintains support

Ethereum price held well above the $2,450 level. ETH outperformed Bitcoin and started a new rally above the $2,500 resistance zone.

There was movement above the $2,550 resistance line and the 100-hour simple moving average line. The price even surpassed the $2,600 level before a downward trend occurred. A high was made near $2,614 and the price is currently correcting to the upside. There was slight movement below the 23.6% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high.

Ethereum is still trading above $2,520 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a connecting bullish trend line with support at $2,540. It is close to 50% of the Fib retracement level, rising from the $2,471 swing low to the $2,614 high.

Meanwhile, the price is finding resistance near $2,600. The next major resistance level is currently near $2,620. A clear break above the $2,620 level could initiate a significant rally. If specified, the price could rise to the $2,665 level.

Source: ETHUSD on TradingView.com

A major breakout zone is currently forming near the $2,710 zone. A break above the $2,710 resistance could initiate another major rally. The next major resistance is near $2,780. More gains could lead the price towards the $2,880 area.

A new downtrend for ETH?

If Ethereum fails to clear resistance at $2,620, it could begin another downtrend. Initial support for the downside is near the $2,550 level and trend line.

The next major support could be the $2,500 zone. A break below the $2,500 support could push the price lower. If indicated, Ether could test the $2,450 support. Any more losses could push the price down to the $2,350 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 – $2,540

Key Resistance Level – $2,620

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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