Ethereum Rallies above $2,700, Here’s Why ETH Could Extend Gains

Ethereum gained bullish momentum and traded to a new all-time high above $2,700 against the US Dollar. ETH price is likely to continue higher above $2,700 and $2,750.

Ethereum is trading in a bullish zone above the $2,600 support level.
The price is now trading well above $2,550 and the 100 hourly simple moving average.
There was a break above a major rising channel with resistance near $2,580 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is correcting gains, but dips are likely to remain limited below $2,550.

Ethereum Price Remains Bullish
Ethereum remained in a strong uptrend and it broke the $2,650 resistance zone. ETH even cleared the $2,700 resistance and settled well above the 100 hourly simple moving average.
There was a break above a major rising channel with resistance near $2,580 on the hourly chart of ETH/USD. It traded to a new all-time high near $2,720 before starting a downside correction. Ether declined below the $2,700 and $2,680 levels.
There was a break below the 23.6% Fib retracement level of the recent surge above the $2,431 swing low to $2,720 high. The price is now testing the broken channel resistance zone near the $2,625 level.

Source: ETHUSD on TradingView.com
An immediate support is near the $2,600 level. The next key support is near the 50% Fib retracement level of the recent surge above the $2,431 swing low to $2,720 high. On the upside, the price could face resistance near the $2,680 and $2,700 levels. Any more gains could open the doors for a new all-time high above $2,720. In the stated case, ether price may possibly rise towards the $2,800 level.
Dips Supported in ETH?
If Ethereum fails to extend gains above $2,700, there could be a downside correction. An immediate support is near the channel trend line or $2,600.
A downside break below the channel support could lead the price towards the $2,575 level. Any more losses might call for an extended decline towards the $2,500 support zone or the 100 hourly simple moving average in the near term. An intermediate support might be near $2,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now approaching the 50 level.
Major Support Level – $2,575
Major Resistance Level – $2,700

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

Why Integrity Matters More Than Profits in Crypto Industry

Known for its dynamic and innovative technology, the crypto industry has seen explosive growth in its user base in recent years. According to Statista,...

5ire Token Set To Launch on Bybit Exchange: December 05

- Brace yourselves for a groundbreaking moment as 5ire prepares to unleash the 5ire token on Bybit Exchange on December 05, igniting a...

Cryptocurrency Unleashed: Haryaneaaleindiankaran’s Social Media Evolution

In a digital era where social media influencers often capture the spotlight, one TikTok sensation has transcended his platform, becoming not just a crypto...

QuickSwap integrates dappOS V2 to provide intent-centric UX

QuickSwap, the top-ranked decentralized exchange in the Polygon ecosystem, has integrated dappOS V2 to provide intent-centric user experience and bring new exciting features. Firstly, dappOS...

The Earn Network Announces Upcoming $EARN Token Public Sale – Starting on November 24, 2023 on Leading Launchpads

The Earn Network, a decentralized platform at the forefront of yield generation in the DeFi sector, is thrilled to announce the public sale of...

CAGA Crypto Launches into the Market with Impressive results: Token Trends and Volume Analysis

CAGA Crypto Launched into the Market with Impressive Results and significantly surged in price just a day after its listing.  At its listing,...

Stader Labs integrates dappOS V2 to offer intent-centric UX

Singapore, — The innovative staking platform Stader Labs has integrated dappOS V2 to offer intent-centric user experience and new powerful features.  dappOS unified account...

Chappyz Announces Token Listing on Tier-1 Exchanges After Raising Over $1M During IDO

The platform's token, $CHAPZ, is set to go live on Bitget and Gate.io on Monday, November 13, 12 pm UTC. (London, United Kingdom, November...