Ethereum: The Rollercoaster Ride of Crypto! 🎢💰

by

Well, well, well! Ethereum has decided to play nice, finding a cozy little support at $2,320 and kicking off a fresh increase. It seems ETH is feeling ambitious and might just aim for a leap above the $2,650 resistance zone. Who knew crypto could be so dramatic? 🎭

  • Ethereum has started a decent increase, breaking through the $2,450 and $2,500 levels like a kid on a sugar rush.
  • The price is now trading above $2,500, comfortably lounging above the 100-hourly Simple Moving Average. Fancy, right?
  • Oh, and there was a break above a connecting bearish trend line with resistance at $2,530 on the hourly chart of ETH/USD (thanks, Kraken, for the intel!).
  • If it can clear the $2,650 resistance, we might just see Ethereum flex its muscles. 💪

Ethereum Price Regains Traction

Now, let’s talk about the rollercoaster that is Ethereum’s price. It started a downside correction below the $2,450 level, unlike its more stable cousin, Bitcoin. ETH dipped below the $2,400 and $2,350 support levels, but fear not! The bulls were lurking around the $2,300 zone, ready to pounce.

After forming a low at $2,308, the price decided it was time for a fresh increase. It climbed back above the $2,450 and $2,500 levels, surpassing the 61.8% Fib retracement level of the downward move from the $2,583 swing high to the $2,308 low. Math is fun, isn’t it? 📈

Moreover, it broke above that pesky bearish trend line at $2,530. Now, Ethereum is trading above $2,540 and the 100-hourly Simple Moving Average, feeling quite proud of itself. It’s also above the 76.4% Fib retracement level. Talk about a comeback!

But hold your horses! On the upside, the price could face resistance near the $2,580 level. The next key resistance is at $2,600, and the first major resistance is at $2,650. If it can clear that, we might just see it gallop towards the $2,720 resistance. Giddy up! 🐎

Ethereum Chart

Now, if Ethereum manages to break above the $2,720 resistance, we could be in for a wild ride, with Ether potentially rising towards the $2,780 resistance zone or even $2,840 in the near term. Buckle up!

Another Decline In ETH?

But wait! If Ethereum fails to clear that stubborn $2,650 resistance, it might just start a fresh decline. Initial support on the downside is lurking near the $2,520 level, with the first major support sitting at $2,450. It’s like a game of musical chairs, but with money!

A clear move below the $2,450 support could push the price down to the $2,420 support. And if things get really dicey, we might see it tumble towards the $2,320 support level. The next key support is at $2,250. Yikes!

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Go, Ethereum, go!

Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Feeling good!

Major Support Level – $2,450

Major Resistance Level – $2,650

Read More

2025-05-20 06:24