Aayush Jindal
Key Highlights
- Ethereum started a fresh surge above the $2,500 resistance zone.
- ETH price cleared a major bearish trend line with resistance near $2,680 on the daily chart.
- Bitcoin price extended gains and traded to a new record high above $88,000.
- Gold prices extended losses and traded below the $2,665 support.
Ethereum Technical Analysis
Ethereum started a fresh increase above $2,500 alongside Bitcoin. The bulls were able to pump ETH above the $2,550 and $2,650 resistance levels.
Looking at the daily chart, the price cleared a major bearish trend line with resistance near $2,680. It settled above the $2,800 level, the 100-day simple moving average (red), and the 200-day simple moving average (green).
It even surpassed the 50% Fib retracement level of the downward move from the $3,560 swing high to the $2,078 low. The bears are now protecting the $3,220 resistance.
The 76.4% Fib retracement level of the downward move from the $3,560 swing high to the $2,078 low is acting as a resistance. The next major resistance is near the $3,350 level. A daily close above the $3,350 resistance zone could start another steady increase.
In the stated case, the price may perhaps rise toward the $3,500 level. The next stop for the bulls may perhaps be near the $3,650 level.
On the downside, Ethereum might find support near the $3,000 level. The next major support is $2,950 and the 200-day simple moving average (green), below which the price could slide toward $2,800. Any more losses might call for a move toward the $2,650 level.
Looking at Bitcoin, there was a steady increase above the $80,000 level, and the price traded to a new all-time high above $88,000.
Economic Releases
- Fed's Waller speech.
