Above the $2,450 mark, the price of Ethereum has strong support. After breaking above the $2,500 barrier level, Ethereum began a new uptrend, outperforming Bitcoin.
The 100-hourly simple moving average and the $2,550 resistance level were both broken. Prior to the bears' arrival, the price even surpassed the $2,600 mark. Near $2,614 a new high was made, and the price is now retracing its gains. During the ascent from the $2,471 swing low to the $2,614 high, there was a little dip below the 23.6% Fibonacci retracement line.
Neither the 100-hourly Simple Moving
Average nor $2,520 have been broken by
Ethereum yet. In addition, the hourly chart of ETH/USD shows a positive trend line linking to $2,540 as support. The price is very near to the $2,614 high, which marks the 50%
Fibonacci retracement level of the upward run from the $2,471 swing low.
The $2,600 level is a potential upward obstacle. Near $2,620, we can see the next big obstacle. A solid upswing can begin with a break over the $2,620 mark. Given the circumstances, it is possible for the price to climb towards the $2,665 mark. #TrendingTopic #ETH #TradeNTell
