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21 October, 2024

Ethereum Price Soars: Can ETH Crack $2,850?

21 October, 2024

Ethereum Bullish Momentum: Is a Surge Imminent?

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Ethereum (ETH) continues its impressive rally, extending gains above the $2,650 resistance level. The digital asset is poised for further upside, potentially reaching $2,850 if it breaks through the $2,750 resistance zone.

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ETH has firmly established itself in a positive zone, trading above the $2,580 and $2,620 resistance levels. The price is currently above $2,650 and the 100-hourly Simple Moving Average, indicating strong bullish momentum.

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Adding to the bullish narrative, a key trend line with support near $2,680 has formed on the hourly chart of ETH/USD. A successful break above the $2,750 and $2,780 resistance levels could propel the price even higher.

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Ethereum Price Aims for More Gains

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Like Bitcoin, Ethereum has remained stable above the $2,600 level. ETH extended gains above the $2,650 resistance, pushing further into positive territory. The price surpassed the $2,700 level and tested $2,765, forming a high at this level before consolidating gains.

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Although there was a minor dip below the $2,740 level, the price remains stable above the 23.6% Fibonacci retracement level of the upward move from the $2,576 swing low to the $2,765 high.

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Currently, Ethereum is trading above $2,650 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,680 on the hourly chart of ETH/USD. This trend line is close to the 50% Fibonacci retracement level of the upward move from the $2,576 swing low to the $2,765 high.

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Potential Hurdles and Upside Targets

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While the price shows strength, it is facing hurdles near the $2,750 level. The first major resistance sits at $2,765. A decisive break above this resistance could pave the way for a move toward the $2,840 resistance.

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If ETH manages to break above the $2,840 resistance, the price could see further gains in the upcoming sessions. In this scenario, Ethereum might rise towards the $2,880 resistance zone in the near term. The next significant hurdles lie near the $2,920 and $2,950 levels.

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Risk of a Correction

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If Ethereum fails to overcome the $2,750 resistance, it could experience a correction. Initial support on the downside is near the $2,720 level. The first major support zone is near $2,680 and the trend line.

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A clear decline below the $2,720 support could push the price toward $2,650. Further losses might send the price towards the $2,620 support level in the near term. The next key support level sits at $2,550.

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Technical Indicators

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Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.

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Hourly RSI: The RSI for ETH/USD is currently above the 50 level.

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Key Levels

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Major Support Level: $2,650

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Major Resistance Level: $2,765

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In conclusion, Ethereum’s current bullish momentum suggests a potential surge towards $2,850. However, a failure to break through the $2,750 resistance could lead to a correction. Investors should closely monitor price action and technical indicators for further clues on the direction of Ethereum’s price.