Analytics / Forex and Crypto News
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.
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.