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Ethereum Sees Uptick Despite Bitcoin’s Recent Struggles
In the latest ethereum news, the cryptocurrency has initiated a notable rise, surpassing the $2,550 mark and demonstrating resilience amidst Bitcoin’s recent downturn. Ethereum is now encountering resistance around the $2,640 and $2,665 levels, with its price firmly above $2,550 and the 100-hourly Simple Moving Average. A key rising channel with support at $2,600 on the hourly ETH/USD chart suggests a bullish outlook in the near term.
Ethereum’s Ascend Amidst Market Fluctuations
Ethereum’s price surge began after it crossed the $2,500 threshold, outperforming Bitcoin in the process. It successfully breached the $2,520 and $2,550 resistance levels, eventually pushing past the $2,600 mark and reaching a high of $2,677. Following this peak, the price saw a slight pullback below the $2,620 level and the 23.6% Fibonacci retracement level from the recent upswing starting at $2,476 to the high at $2,677.
Currently trading above $2,550, Ethereum maintains its position over the 100-hourly Simple Moving Average, anchored by the rising channel on the hourly chart. Resistance looms near $2,640, but the significant barriers stand at $2,665 and $2,720. Should Ethereum break past these, targets of $2,780 and potentially up to $2,920 become feasible.
Potential Downturns and Support Levels
Should Ethereum fail to overcome the $2,665 resistance, it might face a downturn. The initial support is near the $2,600 level, with major support at $2,575, coinciding with the 50% Fibonacci retracement level of the recent bullish wave. A break below this could see Ethereum slide towards the $2,500 support, and possibly further to $2,420 if the decline extends, with the next significant support at $2,350.
Technical Indicators
The Hourly MACD indicates a gain in bearish momentum for ETH/USD, while the RSI has dipped below the 50 mark, suggesting potential challenges ahead for Ethereum’s price.
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To explore more about Ethereum and other cryptocurrencies, check out [Binance](https://www.binance.com/).
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