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Ethereum Breaks Through a Barrier, Strengthening the Case for More Benefits

Above $2,450, Ethereum remained in high demand. ETH began to rise steadily and created a base above the $2,500 mark. There was a break above the $2,550 and $2,580 resistance zones.

On the hourly chart of ETH/USD, there was also a break over a strong negative trend line with resistance near $2,580. The price of ether settled above $2,600 and the 100 hourly simple moving average. The bulls have pushed the price above $2,700, reaching a high near $2,728.

The price is currently consolidating gains near $2,700. It’s also well over the 23.6 percent Fib retracement level of the upward advance from the swing low of $2,445 to the high of $2,728.

On the upside, $2,725 serves as an early resistance level. Near the $2,750 mark, the first substantial resistance is visible. The next big resistance level is likely to be near $2,800, after which the price may surge higher. In the aforementioned scenario, the price might jump to $2,880.

It’s possible that ethereum would correct to the downside if it fails to go higher beyond $2,725 mark. On the downside, $2,660 serves as an initial support level.

Near the $2,640 level and the 100 hourly simple moving average is the next important support. Near the $2,580 mark, the main support is forming. It’s close to the 50% Fib retracement level of the upward advance from the swing low of $2,445 to the high of $2,728. In the short term, any further losses could lead to a move towards the $2,500 level.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.