Analytics / Forex and Crypto News
As we predicted yesterday, a successful breakout of the upper boundary of the upward channel will help the ETH/USD pair overcome the level of 2650. The ETH/USD pair left the upward channel, reached the level of 2650, and reached a new all-time high of $2719. At the time of publication, the ETH/USD pair fell slightly and is trading in the area of 2620.
Despite the correction, the pair feels comfortable above the support level of 2600. If the bears activate and the ETH/USD pair drops below the support level of 2600, the pair may drop to the area of 2575. Any further decline will lead to a deep decline in the pair to the level of 2500 and further to 100 -hour moving average around 2430.
The current correction has shown that the ETH/USD pair is gaining enough resistance around $2680-2700. In the case that the ETH/USD pair manages to rise above the new all-time high of $2719, we will see a further rise in the price towards $2800. As we wrote yesterday, the optimistic scenario, in this case, is an increase in the area of 3000.
At the same time, the key levels for the pair are the resistance level of 2700 and the support level of 2575.