Ethereum Price Defies Gravity: The Unstoppable Rise of ETH Continues

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

Ethereum price started a fresh surge above the $2,350 zone. ETH is now up over 35% and consolidating gains near the $2,500 zone.


  • Ethereum started a fresh surge above the $2,350 resistance.

  • The price is trading above $2,400 and the 100-hourly Simple Moving Average.

  • There is a connecting bullish trend line forming with support at $2,480 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could continue to move up if it breaks the $2,600 resistance level.


Ethereum Price Surges And Clears $2,500


Ethereum price remained supported and started a fresh increase above $2,200, beating Bitcoin. ETH gained pace for a move above the $2,350 resistance zone.


The bulls were able to push the price above the $2,500 resistance zone. The price gained over 35% and recently surpassed the $2,550 resistance zone. A high was formed at $2,606 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $2,272 swing low to the $2,606 high.


Ethereum price is now trading above $2,500 and the 100-hourly Simple Moving Average. Besides, there is a connecting bullish trend line forming with support at $2,480 on the hourly chart of ETH/USD.


On the upside, the price seems to be facing hurdles near the $2,550 level. The next key resistance is near the $2,600 level. The first major resistance is near the $2,620 level. A clear move above the $2,620 resistance might send the price toward the $2,650 resistance.


Ethereum Price


An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,720 resistance zone or even $2,780 in the near term.


Are Dips Limited In ETH?


If Ethereum fails to clear the $2,550 resistance, it could start a fresh downside correction. Initial support on the downside is near the $2,470 level. The first major support sits near the $2,440 zone and the 50% Fib retracement level of the upward move from the $2,272 swing low to the $2,606 high.


A clear move below the $2,440 support might push the price toward the $2,350 support. Any more losses might send the price toward the $2,270 support level in the near term. The next key support sits at $2,220.


Technical Indicators


  • Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

  • Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

  • Major Support Level – $2,440

  • Major Resistance Level – $2,550

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Bitcoin is the sixth-largest asset worldwideBitcoin is the sixth-largest asset worldwide, beating Google.
Author  Beincrypto
Jun 27, Fri
Bitcoin is the sixth-largest asset worldwide, beating Google.
placeholder
Why Hasn't Ethereum Broken Through the $2,500 Key Level?Ethereum (ETH) fell nearly 1% in early trading on Friday. As of this writing, Ethereum is trading around $2,440.
Author  Insights
Jun 27, Fri
Ethereum (ETH) fell nearly 1% in early trading on Friday. As of this writing, Ethereum is trading around $2,440.
placeholder
Cardano Price Forecast: ADA eyes further losses as the MVRV ratio flips negative, long liquidations surgeCardano (ADA) is up 1% at press time on Friday, reversing after two consecutive bearish days. Still, the price action points to a declining trend within a falling channel, as bearish momentum remains intact. 
Author  FXStreet
Jun 27, Fri
Cardano (ADA) is up 1% at press time on Friday, reversing after two consecutive bearish days. Still, the price action points to a declining trend within a falling channel, as bearish momentum remains intact. 
placeholder
Ethereum Price Action Turns Bearish — Risk of Near-Term CorrectionEthereum price started a fresh increase above the $2,450 zone. ETH is now correcting gains from $2,520 and might slip to test the $2,320 zone.
Author  NewsBTC
Jun 27, Fri
Ethereum price started a fresh increase above the $2,450 zone. ETH is now correcting gains from $2,520 and might slip to test the $2,320 zone.
placeholder
XRP Price Under Pressure — Can It Maintain The Bullish Structure?XRP price started a downside correction from the $2.220 zone. The price is consolidating and might decline further toward the $2.020 support.
Author  NewsBTC
Jun 27, Fri
XRP price started a downside correction from the $2.220 zone. The price is consolidating and might decline further toward the $2.020 support.
Real-time Quote