Forex and Crypto News

Ethereum holds above 2500

12:40 27 April /2021

Ethereum managed to get back above the level of 2500. Now the ETH/USD pair is trading above the 100-hour moving average and is forming an upward channel with support around 2540 on the hourly chart.
ethusd-27-apr.jpg

However, Ethereum's price is still facing resistance around 2550. At the same time, the upper border of the emerging ascending channel provides additional resistance. A break above the top of the channel will help the ETH/USD pair rise to the area of 2650 (Ethereum's new high). In case of a breakdown of this level, the ETH/USD pair will try to test the level of 2700. The optimistic scenario for the ETH/USD pair, in this case, is an increase in the region of 3000.

If we see a breakdown of the upward channel, the ETH/USD pair will test support around $2500. A break of the 2500 level will open the door to a decline in the area of 2400 and the 100-hour simple moving average. Any further downside moves will bring the ETH/USD pair into the area of 2350, where the pair will receive ample support.

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