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Cryptocurrency News Articles
Ethereum Rallies, Targets Resistance Break After Support Holds Firm
May 10, 2024 at 11:23 am
Ethereum's price recovery surmounted the $2,940 support level, indicating a potential bullish trend. Clearance of $3,055 and $3,080 resistances could further propel its upward momentum. Ethereum is currently hovering around $3,030, with support from the 100-hourly SMA. A breakout above the $3,080 resistance level would pave the way for continued gains in the near term.
Ethereum Rallies from Support, Eyes Resistance Break
Amidst the ongoing cryptocurrency market turmoil, Ethereum (ETH) has exhibited signs of recovery, rallying from its recent lows. After finding support near $2,940, ETH has initiated a steady upward trajectory.
Support Holds, Recovery Wave Commences
On the technical front, ETH encountered support at the $2,940 level, triggering a bullish impulse. Notably, the price has now surpassed the 100-hourly Simple Moving Average (SMA) at $3,030, indicating a shift in momentum.
Furthermore, a bullish trend line breakout has occurred on the hourly chart of ETH/USD, with resistance previously established at $2,990. This breakout suggests potential for further upside movement.
Resistance Levels in Focus
Ethereum's immediate resistance lies around $3,040, coinciding with the 100-hourly SMA. A breakout above this level is crucial for sustaining the bullish momentum.
Subsequently, the first major resistance is situated at $3,080, representing the 50% Fibonacci retracement level of the downward move from $3,218 to $2,936. A decisive move beyond this level would bolster the bullish case.
Key Resistance Levels Ahead
Should ETH successfully clear the $3,080 resistance, it could encounter further resistance at $3,150. A突破 above this level could ignite significant buyer interest, propelling the price towards $3,220.
Moreover, a sustained move above $3,220 may pave the way for a potential test of the $3,350 resistance. Further gains could propel ETH towards the $3,550 resistance zone.
Downside Risks to Consider
However, if Ethereum fails to surmount the $3,080 resistance, it could trigger a potential decline. Initial support is located at $3,000, followed by a critical support zone at $2,935.
A breakdown below $2,935 could exacerbate selling pressure, potentially driving ETH towards $2,880. Further losses may lead to a retest of the $2,720 support level.
Technical Indicators Signal Bullishness
Technical indicators paint a bullish picture for Ethereum. The MACD (Moving Average Convergence Divergence) for ETH/USD has gained momentum in the positive zone, indicating a shift in sentiment.
Additionally, the RSI (Relative Strength Index) for ETH/USD has risen above the 50 level, suggesting increasing bullish dominance.
Conclusion
Ethereum's recent recovery wave from $2,940 has instilled a sense of optimism in the market. Key resistance levels at $3,080 and $3,150 will be closely watched in the coming sessions. A sustained break above these levels could trigger a bullish continuation, while failure to do so may result in a downside correction. Investors are advised to monitor ETH's price action and technical indicators for potential trading opportunities.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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