Ethereum Price Holds Steady Above $2,600 While Bitcoin Breaks New Records
Ethereum Price Holds Steady Above $2,600 While Bitcoin Breaks New Records
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While Bitcoin has been making headlines with its relentless climb towards new all-time highs, Ethereum has been steadily carving its own path. ETH has managed to maintain its footing above the $2,600 mark, showcasing its resilience despite Bitcoin’s dominance.
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Ethereum’s price saw a significant surge above the $2,580 resistance level, surpassing the 100-hourly Simple Moving Average. A bullish trend line connecting to the $2,530 support level on the hourly chart of ETH/USD suggests a potential for continued growth. The pair could potentially break through the $2,650 and $2,680 resistance levels, opening the door for further gains.
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Ethereum Price Climbs Steadily
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Ethereum’s price formed a solid base above the $2,465 level, mirroring Bitcoin’s upward trajectory. ETH successfully climbed above the $2,550 and $2,580 resistance levels, pushing the price into a positive zone. The price surge, exceeding 5%, also saw a move above the $2,620 level.
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Despite a high established at $2,680, Ethereum’s price has been struggling to match Bitcoin’s strength. However, the price managed to hold above $2,600, remaining above the 100-hourly Simple Moving Average. The connecting bullish trend line with support at $2,530 on the hourly chart of ETH/USD offers a ray of hope for continued upward movement.
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While the price faces resistance around the $2,650 level, the first major resistance lies near the $2,680 mark. The primary resistance is forming near $2,720. A decisive breakthrough above the $2,720 resistance could propel the price towards the $2,915 resistance level. A further breakout above the $2,915 resistance might trigger even more gains in the upcoming sessions. In such a scenario, Ether could potentially rise towards the $3,000 resistance zone.
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Potential Downside Correction in ETH?
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If Ethereum fails to conquer the $2,680 resistance, it could initiate a downward correction. Initial support on the downside lies near the $2,600 level. The first major support resides near the $2,560 zone or the 61.8% Fib retracement level of the upward move from the $2,488 swing low to the $2,680 high.
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A break below the $2,600 support could drive the price towards $2,550. Further losses might push the price towards the $2,530 support level in the short term. The next critical support sits at $2,450.
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Technical Indicators
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Hourly MACD: The MACD for ETH/USD is gaining momentum within the bullish zone.
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Hourly RSI: The RSI for ETH/USD is currently above the 50 zone.
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Key Support and Resistance Levels
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Major Support Level: $2,600
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Major Resistance Level: $2,680
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Ethereum’s price action suggests a strong foundation above $2,600. While Bitcoin continues to break new records, Ethereum is displaying its own unique strength. The next few days will be crucial in determining whether ETH can overcome its current resistance levels and embark on a journey towards its own all-time high.