CandleFocus Ethereum Price Follows Bitcoin’s Rally, But Momentum Falls Short
2024-10-29
Author: Content Editor
Ethereum has experienced a fresh increase in price, rising above the $2,550 resistance level. While it is following Bitcoin's rally, it is not showing the same strength. The price is up over 5% and has moved into a positive zone. Ethereum is trading above $2,550 and the 100-hourly Simple Moving Average, with support forming at $2,520. The price is facing hurdles near the $2,630 level, with the main resistance forming near $2,720. A clear break above this resistance could lead to further gains, potentially reaching the $2,950 resistance zone. On the other hand, a failure to clear the $2,650 resistance may result in a downside correction, with initial support around $2,595. Further support levels are at $2,550 and $2,450. The technical indicators, including MACD and RSI, suggest a bullish trend for Ethereum. The major support level is at $2,550, while the major resistance level is at $2,650.
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