Ethereum Tosses in Symmetrical Triangle – 50 EMA Supports Buy Above $2600
In terms of the US dollar, Ethereum is consolidating below $2,600. To begin a significant increase in the near term, the price of ETH must
In terms of the US dollar, Ethereum is consolidating below $2,600. To begin a significant increase in the near term, the price of ETH must break through $2,600 and $2,620. Ethereum can still break through the $2,600 and $2,620 resistance levels. The price is currently trading below $2,600 and the 100 hourly simple moving average.
On the hourly timeframe of ETH/USD, a major contracting triangle is forming with resistance near $2,590. To maintain a steady increase in the coming sessions, the pair must gain strength above $2,620.
Ethereum’s Price is Nearing a Breakout
Ethereum has remained below the critical resistance levels of $2,600 and $2,620. On the other hand, ETH was well bid above the $2,500 support level. The most recent high was near $2,595 before falling below $2,550. It has fallen as low as $2,538 and is now consolidating losses. It is currently trading below $2,600 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $2,565 level.
The recent dip’s 50% Fib retracement mark from the $2,595 swing high to the $2,538 low is also close to the $2,565 level. On the hourly chart of ETH/USD, a major contracting triangle is forming with resistance near $2,590.
The 100 hourly simple moving average and $2,575 are intermediate resistance levels. It is close to the 61.8 percent Fib retracement level of the recent decline from the swing high of $2,595 to the low of $2,538.
To begin a steady rise, the price of Ether must break through the $2,575 and $2,600 resistance levels. A primary barrier could be $2,620, above which the bulls could aim for a significant increase.
A New Drop in Ethereum?
If Ethereum does not initiate a new upward trend above $2,600, it may begin a new downward trend. On the downside, an initial support level is near $2,540.
The next major support is around $2,500. A close below the $2,500 support level could put the bulls under much pressure. The next significant support level could be near $2,420, below which there is a risk of a move towards $2,350 in the coming days.
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