Ethereum Surges Past $2,320 Outperforming Bitcoin

0
32

In a notable surge, the valuation of Ethereum has accelerated, successfully surpassing a significant resistance level at $2,320. In the recent trading sessions, ETH has demonstrated a robust upward movement of more than 5%, hinting at a potential eclipse of Bitcoin’s performance.

Having initiated a fresh rally, Ethereum’s price journeyed past several critical thresholds, initially overturning the $2,250 blockade and then spiking momentarily below $2,200. Tenacious buying at this juncture coalesced to form a sturdy low near $2,180, setting the stage for a vigorous uptrend that has since positioned Ethereum firmly above Bitcoin in the race.

The bullish momentum propelled the price beyond the $2,280 mark, culminating in a successful breach of the $2,350 resistance. This upward trajectory has established a new multi-day peak around $2,441, with the market currently in a state of consolidation to gather strength for further gains. Currently, the price hovers above the 23.6% Fibonacci retracement level of the ascent from the swing low of $2,180 to the high of $2,441.

Trading activity places Ethereum comfortably above the $2,350 mark and the critical 100-hourly Simple Moving Average—a testament to the upward trend’s resilience. Nevertheless, it confronts a resistance near the $2,440 region.

Should Ethereum effectively penetrate the $2,500 resistance mark, there could be a clear path toward the higher resistance levels of $2,550 and, subsequently, $2,620. Breaching these barriers may usher in a further surge, potentially propelling the cryptocurrency to test the $2,700 threshold, and, under favorable conditions, a leap to the $2,800 zone is not out of the question.

Conversely, Ethereum faces potential headwinds if it stumbles at the current resistance. A reversal could see it fall back to the initial support around the trendline near $2,380. A more pronounced retracement may bring it to the first significant support zone at the $2,320 region or the 50% Fibonacci level of the recent uptrend. Should this support falter, ensuing bearish trends could see Ethereum revisit the $2,200 mark or even descend further toward $2,120.

Technical indicators reflect the bullish sentiment, with the Hourly Moving Average Convergence Divergence (MACD) notably gaining ground in the bullish zone and the Relative Strength Index (RSI) soaring above the median 50 level.

The support and resistance levels lying ahead are clearly marked at $2,320 and $2,440, respectively. These levels define the battleground between bullish optimism and bearish caution as Ethereum continues its dynamic journey.

As with any investment, due diligence and personal research remain paramount, as the markets inherently embody risk and unpredictability.

Previous articleBinance Coin Bounces Back, Defies Market Turbulence
Next article$6.3 Million Dogecoin Moved to Robinhood by Whale
Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.

LEAVE A REPLY

Please enter your comment!
Please enter your name here