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Home»EXCHANGE NEWS»Ethereum price surges 5% to $2,550 as ETH bulls finally take over What’s next?
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Ethereum price surges 5% to $2,550 as ETH bulls finally take over What’s next?

By Crypto FlexsDecember 28, 20233 Mins Read
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Ethereum price surges 5% to ,550 as ETH bulls finally take over What’s next?
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Ethereum price is rising above the $2,320 resistance level. ETH is up over 5% and it looks like ETH is finally outperforming Bitcoin.

  • Ethereum is picking up speed and is trading above the $2,300 support area.
  • The price is trading above $2,350 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 $2,380.
  • The pair could extend the rally towards the $2,500 and $2,550 resistance levels.

Ethereum price begins a new rebound

Ethereum price continued its downward trend below the $2,250 level. ETH also surged below the $2,200 level before an uptrend took place. A low was formed around $2,180 and the price began to rise significantly, surpassing Bitcoin.

There was a move above the $2,250 and $2,280 resistance levels. The bulls even pushed the price above the resistance level of $2,350. Several days highs were made near $2,441 and the price is currently on an upward trend. The price is currently trading above the 23.6% Fib retracement level, rising from the $2,180 swing low to the $2,441 high.

Ethereum is currently trading above $2,350 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,440.

Source: ETHUSD on TradingView.com

The first major resistance is currently near $2,500. A break above the $2,500 resistance level could push the price towards $2,500. The next major resistance is near $2,620. A clear break above the $2,620 area could start another rally. The next resistance level is $2,700, above which Ethereum could test the $2,800 area.

Fixing ETH’s shortcomings?

If Ethereum fails to clear the $2,440 resistance, a new downtrend could begin. Initial support for the downside is near the $2,380 level and trendline.

The first major support could be the $2,320 zone or the 50% Fib retracement level of the rise from the $2,180 swing low to the $2,441 high. A break below and a close below $2,320 could trigger more bearish moves. If indicated, Ether could revisit the $2,200 support. Any more losses could push the price down to the $2,120 level.

technical indicators

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

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

Key Support Level – $2,320

Key Resistance Level – $2,440

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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