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Ethereum Price Holds Steady with Potential Rally Towards $2,800, Technical Indicators Signal Strength

2024/01/12 11:43

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Ethereum (ETH) has maintained a positive trajectory above the $2,500 resistance level, outpacing Bitcoin (BTC) by surpassing the $2,650 resistance zone. Despite a correction from the recent multi-week high of $2,683, Ethereum remains resilient with key support levels and indicators suggesting a potential rally towards $2,800.

Current Status and Key Levels:

Ethereum is trading above $2,550 and the 100-hourly Simple Moving Average.
A bullish trend line, with support at $2,590, has formed on the hourly chart (ETH/USD).
The recent correction tested the $2,620 and $2,600 levels, with the price finding support at the 23.6% Fib retracement level of the upward move from the $2,245 swing low to the $2,683 high.

Source:ETHUSD on TradingView.com

Potential Upside Scenario:

If a fresh increase occurs, Ethereum may face resistance near $2,640, with the next significant barrier at $2,680.
Breaking the $2,680 resistance could propel ETH towards $2,720, and a close above this level might establish a more bullish trend.
The next key resistance stands at $2,780, and surpassing this could initiate a rally towards $2,880, with further gains potentially reaching the $3,000 zone.

Potential Downside Correction:

Failure to clear the $2,680 resistance might lead to a downside correction.
Initial support lies near $2,590 and the key bullish trend line. A breach of these levels may trigger further corrections.
The first major support is around $2,465, followed by the 50% Fib retracement level at $2,465. A break below this support could lead to a test of the $2,350 level.
Further losses may extend the correction towards the $2,220 support.

Technical Indicators:

Hourly MACD indicates a potential loss of momentum in the bullish zone.
Hourly RSI is positioned above the 50 level, indicating a positive sentiment.

In summary, Ethereum's current stability above key support levels and the 100-hourly SMA suggests a favorable outlook. A successful breach of resistances could pave the way for a rally towards $2,800, while a failure might trigger corrective moves with important support levels to watch. Traders should closely monitor price movements for potential opportunities in this dynamic market.

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