Latest News

Why Ethereum Could Rally Again As It Consolidates Near $2,800

Ethereum began to rise steadily above the $2,700 resistance level. ETH even broke through the $2,725 and $2,750 resistance levels to go into the green zone.

The Ethereum price even topped $2,800 and settled above the 100 hourly simple moving average. Near $2,828 a high was made, and the price is now consolidating gains. It retraced a few points below the Ethereum $2,800 level of support.

The upward rise from the $2,635 swing low to the $2,838 high was retraced at a 23.6 percent Fib retracement level. On the hourly chart of ETH/USD, a big bullish trend line with support near $2,775 is also formed.

Source: ETHUSD on

Near the $2,800 mark, there is immediate upside resistance. The $2,830 level is the first big resistance. To begin a new uptrend, Ethereum must break through the $2,800 and $2,830 resistance levels. In the above scenario, the price might potentially grow to $2,880. Any more increases in the coming sessions may necessitate a move towards the primary $3,000 Ethereum resistance zone.

If ethereum fails to start a new uptrend over $2,830, it may begin a downward correction. On the downside, at the trend line support and $2,775, is a first support.

Near $2,750, Ethereum next big support is found. The major support level is at around $2,730.

It’s close to the 50% Fib retracement level of the upward advance from the swing low of $2,635 to the high of $2,838. A breach below the Ethereum $2,730 support zone on the downside could push the stock farther lower. In the above scenario, the price might fall to $2,680.

Related Posts – Bank DBS’s Crypto Business Grows Massively Due To Growing Demand From Investors

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.