Ethereum Seems Unstoppable, Here’s How ETH Could Extend Rally

Ethereum remained in a positive zone and it traded to a new all-time high above $2,750 against the US Dollar. ETH price is correcting gains, but dips are likely to be limited below $2,650.

Ethereum extended its rise above the $2,700 and $2,740 resistance levels.
The price is now trading well above $2,650 and the 100 hourly simple moving average.
There is a major rising channel forming with support near $2,640 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to start a fresh increase above the $2,750 resistance zone in the near term.

Ethereum Price Eyes More Gains
Ethereum is following a bullish path above the $2,600 pivot level. ETH even cleared the $2,720 resistance and settled well above the 100 hourly simple moving average.
It traded to a new all-time high at $2,764 before it started a downside correction. There was a break below the $2,720 and $2,700 levels. Ether is now trading below the 23.6% Fib retracement level of the recent wave from the $2,560 swing low to $2,764 high.
It is still trading well above $2,650 and the 100 hourly simple moving average. There is also a major rising channel forming with support near $2,640 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The channel support is close to the 50% Fib retracement level of the recent wave from the $2,560 swing low to $2,764 high. On the upside, the price is facing resistance near the $2,750 and $2,760 levels. A successful close above the $2,760 zone could set the pace for more gains.
The next major resistance is near the $2,800 level, above which the price could accelerate higher towards the $2,880 level. The main target for the bulls may possibly be near the $3,000 level.
Dips Limited in ETH?
If Ethereum fails to extend gains above $2,750, there could be a downside correction. An immediate support is near the channel trend line or $2,650.
A downside break below the channel support could lead the price towards the $2,600 support. Any more losses might call for an extended decline towards the $2,550 support zone or the 100 hourly simple moving average in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now approaching the 50 level.
Major Support Level – $2,650
Major Resistance Level – $2,750

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

Rollups: Enhancing Scalability for Ethereum and Other Blockchains

In recent years, blockchain technology has gained significant attention for its potential to revolutionize various industries. However, as the adoption of blockchain applications continues...

EHP Technology Is Scientifically Proven By Globally Renowned Institutions

Every new technological development or creation can only gain mainstream traction if it has been verified by relevant authorities to do what it claims...

Securing DeFi Infrastructure: Key Considerations for Developers

With the rapid rise of decentralized finance (DeFi), it has become crucial for developers to prioritize the security of DeFi infrastructure. DeFi offers a...

Environmental Impact of NFTs and its Security Implications

In recent years, Non-Fungible Tokens (NFTs) have gained immense popularity in the world of art, collectibles, and digital assets. However, along with their rise...

Centralized Exchanges (CEX) vs. Decentralized Exchanges (DEX)

Cryptocurrency exchanges play a vital role in the world of digital assets, facilitating the buying, selling, and trading of various cryptocurrencies. When it comes...

Enhancing Transparency and Trust with Smart Contracts

In today's digital age, where trust and transparency are crucial elements for successful business transactions, smart contracts have emerged as a groundbreaking solution. With...

Tune.FM’s New Music NFT Marketplace Will Disrupt the Music Industry

MIAMI, FL, May 04, 2023 - Tune.FM, the groundbreaking web3 decentralized music streaming platform and music NFT marketplace, announces the launch of its music...

Liquidity Pools: Boosting DeFi Growth and Adoption

Decentralized finance (DeFi) has taken the financial world by storm in recent years, and one of its key features is liquidity pools. Liquidity pools...