CandleFocus Crypto Watch: Ethereum Poised for Upside Break!
2024-10-17
Author: Content Editor
The article discusses the current price action of Ethereum (ETH) and its potential future movements. ETH has been consolidating gains above the $2,550 resistance level. It recently cleared the $2,600 and $2,620 resistance levels and even spiked above $2,650 before a downside correction. However, the price is rising again and trading above $2,600 and the 100-hourly Simple Moving Average. There is a bullish trend line forming with support near $2,610. The article states that if ETH can clear the $2,650 resistance, it may continue to rise towards the $2,680 and $2,750 resistance levels. On the other hand, if it fails to clear the $2,650 resistance, it could start a decline with support levels at $2,610 and $2,575. The next key support levels are at $2,550 and $2,475. The technical indicators show that the MACD is losing momentum in the bullish zone, while the RSI is above the 50 zone.
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