CandleFocus Ethereum Price Surges: Can the Rally Sustain?
2024-10-15
Author: Content Editor
The article reports that the price of Ethereum has experienced a significant increase, surpassing resistance levels at $2,500 and $2,650. The price is currently consolidating its gains and is stable above the $2,550 level and the 100-hourly Simple Moving Average. The article suggests that if Ethereum clears the $2,650 resistance level, it could continue to rise towards resistance levels at $2,720, $2,800, and potentially $2,880 or $2,920. On the other hand, if the $2,650 resistance is not cleared, Ethereum could experience a decline, with initial support at $2,600 and major support at $2,520 and the trend line or the 61.8% Fib retracement level. The technical indicators show that the MACD is losing momentum in the bullish zone and the RSI is above 50.
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