The analysis highlights that Ethereum has demonstrated a steady upward movement, with price nearing new levels near $2,500 and rising steeply from there. This trend is still in its ascent, with Ethereum expected to clear near the $2,750 resistance zone, potentially pushing it higher into the near-private offering (NPoP) territory. The beginning of this trend was marked by a strong rise above $2,550 and the confirmation of a new high at $2,575. As the price ascends, it continues to form a bullish indicator known as the MA crossover, crossing above a support line. This bullish signal suggests continued momentum, though some authors caution about the need to view this a short-term uptick.
While the price has clarified a new upward trend, the intraday candlestick pattern indicates that bid support remains crucial, signals based on the 50-day RSI. The 30-day RSI caps at 25%, signaling overbought conditions. Tools like the成交量-Buy/Sell Balance and the Golden Ratio could provide further indication of potential. The candlestick pattern also showsemdainty, suggesting ongoing uncertainty and clarity on price action.
Support and resistance levels are key here. Resistance at $2,750 is expected, triggered by breaking above an $2,675 peak.tekile cues suggest Ethereum is set for another upward move, but are these the signals of a new wave? Technical indicators confirm that the middle horizontal bands cross upward, strongly indicating a push for resistance. The 50-day RSI is still above 20, but the 200-day RSI could rise above 70, signaling a potential break in momentum and a new trend.
Overall, while the price has found support, Ethereum may face a downward correction as risks vary. The price action is cautious, making it a challenging environment for both long-term investors and speculators. The support at $2,675 and resistance at $2,750 serve as significant clarity cues, but the next move could be volatile. For the purpose of this analysis and the given price dynamic, the expectation is that cryptocurrency prices will test the $2,840 resistance in the near term before possibly soaring toward the $2,920 level or even $3,000.
The ascending trend is supported by a 61.8% Fibonacci retracement, which crosses at $2,550 as a bearish support. The 35% and 86.6% retracement cross at $2,675, a level that holds the price near for a split, but should only test if supported by technical bears. The 40% Fibonacci retracement is solid near $2,681 at the initial price swing, suggesting $2,550 as a bearish support level, but further moves could go up.
These levels help confirm the direction of this upward trend, and important retracement levels should guide future price analysis. If neither the $2,550 nor the $2,750 support is breached, the price is looking solid for a rise to higher levels. The $2,840 resistance level is a critical area of focus, with prices setting to test this could drive further gains or potential formation of new resistance.
This analysis serves on a tentative note, but as price action evolves, the final moves could shape the outcome.
