CandleFocus Ethereum Trails Bitcoin, But Bullish Momentum Gains Strength
2024-09-19
Author: Content Editor
The price of Ethereum has started to rise and is aiming for further gains above the resistance level of $2,420. It formed a base near $2,280 and cleared the resistance levels of $2,320 and $2,350. However, Ethereum struggled to match the strength of Bitcoin's price increase. The price is now trading above $2,350 and the 100-hourly Simple Moving Average, with a bullish trend line forming at $2,310. It faces hurdles near the $2,420 level and the next major resistance is at $2,450, followed by $2,550. Breaking above $2,550 could lead to further gains towards the $2,650 and $2,720 levels. If Ethereum fails to clear the $2,420 resistance, it could decline and find support at $2,365, $2,310, and $2,280. The technical indicators show bullish momentum with the MACD in the bullish zone and the RSI above 50. The major support level is $2,310 and the major resistance level is $2,420.
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