{"id":650438,"date":"2024-10-29T03:48:49","date_gmt":"2024-10-29T03:48:49","guid":{"rendered":"https:\/\/wncen.com\/?p=650438"},"modified":"2024-10-29T03:14:00","modified_gmt":"2024-10-29T03:14:00","slug":"ethereum-price-follows-bitcoin-2650","status":"publish","type":"post","link":"https:\/\/wncen.com\/analysis\/eth\/ethereum-price-follows-bitcoin-2650\/","title":{"rendered":"Ethereum Price Follows Bitcoin&#8217;s Rally, But Momentum Falls Short"},"content":{"rendered":"<p><em>Ethereum price started a fresh increase above the $2,550 resistance. ETH is following Bitcoin\u2019s rally, but it is lacking the same strength.<\/em><\/p>\n<ul>\n<li>Ethereum started a decent increase above the $2,600 zone.<\/li>\n<li>The price is trading above $2,550 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a connecting bullish trend line forming with support at $2,520 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could continue to rise if it clears the $2,630 and $2,650 resistance levels.<\/li>\n<\/ul>\n<h2>Ethereum Price Starts Steady Increase<\/h2>\n<p>Ethereum price formed a base above the $2,450 level and started a fresh increase like <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-rallies-above-70k\/\" target=\"_blank\" rel=\"noopener \">Bitcoin<\/a>. ETH climbed above the $2,500 and $2,550 resistance levels to move into a positive zone.<\/p>\n<p>The price is up over 5% and there was a move above the $2,600 level. A high is formed at $2,630 and the price is showing positive signs. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high.<\/p>\n<p>Ethereum price is now trading above $2,550 and the <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-price-lacks-traction-2520\/\" target=\"_blank\" rel=\"noopener \">100-hourly Simple Moving Average<\/a>. There is also a connecting bullish trend line forming with support at $2,520 on the hourly chart of ETH\/USD.<\/p>\n<p>On the upside, the price seems to be facing hurdles near the $2,630 level. The first major resistance is near the $2,650 level. The main resistance is now forming near $2,720. A clear move above the $2,720 resistance might send the price toward the $2,880 resistance.<\/p>\n<figure id=\"attachment_650440\" aria-describedby=\"caption-attachment-650440\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Ethereum_d84a15.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-650440 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Ethereum_d84a15.png?resize=1024%2C478\" alt=\"Ethereum Price\" width=\"1024\" height=\"478\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Ethereum_d84a15.png?w=1835 1835w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Ethereum_d84a15.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Ethereum_d84a15.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Ethereum_d84a15.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Ethereum_d84a15.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Ethereum_d84a15.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Ethereum_d84a15.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-650440\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>An upside break above the $2,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,950 resistance zone.<\/p>\n<h2>Downside Correction In ETH?<\/h2>\n<p>If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,595 level. The first major support sits near the $2,550 zone or the 50% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high.<\/p>\n<p>A clear move below the $2,550 support might push the price toward $2,520. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,320.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bullish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now above the 50 zone.<\/p>\n<p>Major Support Level \u2013 $2,550<\/p>\n<p>Major Resistance Level \u2013 $2,650<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price started a fresh increase above the $2,550 resistance. ETH is following Bitcoin\u2019s rally, but it is lacking the same strength. Ethereum started a decent increase above the $2,600 zone. The price is trading above $2,550 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $2,520 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could continue to rise if it clears the $2,630 and $2,650 resistance levels. Ethereum Price Starts Steady Increase Ethereum price formed a base above the $2,450 level and started a fresh increase like Bitcoin. ETH climbed above the $2,500 and $2,550 resistance levels to move into a positive zone. The price is up over 5% and there was a move above the $2,600 level. A high is formed at $2,630 and the price is showing positive signs. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high. Ethereum price is now trading above $2,550 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,520 on the hourly chart of ETH\/USD. On the upside, the price seems to be facing hurdles near the $2,630 level. The first major resistance is near the $2,650 level. The main resistance is now forming near $2,720. A clear move above the $2,720 resistance might send the price toward the $2,880 resistance. An upside break above the $2,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,950 resistance zone. Downside Correction In ETH? If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,595 level. The first major support sits near the $2,550 zone or the 50% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high. A clear move below the $2,550 support might push the price toward $2,520. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,320. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is gaining momentum in the bullish zone. Hourly RSI &#8211; The RSI for ETH\/USD is now above the 50 zone. Major Support Level \u2013 $2,550 Major Resistance Level \u2013 $2,650<\/p>\n","protected":false},"author":67,"featured_media":650441,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83362],"tags":[65296,1946,8686,78803],"class_list":["post-650438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-eth","tag-ethbtc","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Price Follows Bitcoin&#039;s Rally, But Momentum Falls Short<\/title>\n<meta name=\"description\" content=\"Ethereum price started a fresh increase above the $2,550 resistance. 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