Analytics / Forex and Crypto News
After the ETH/USD pair has overcome the level of 2400, it seems that it is unstoppable. In just 4 days, the pair managed to rise above the levels of 2400, 2500, 2600, and 2700. The pair was able to establish a new all-time high of $2777 and at the time of publication is trading in the area of 2770. It looks like we will see testing of the 2800 level in the coming sessions.
At the same time, the ETH/USD pair is trading well above the 100-hour moving average, and the technical indicator is forming in the neutral zone at 60 with a clear uptrend.
The ETH/USD pair continues to form an ascending channel limited by a support level of 2680 and a resistance level of 2850. A successful close above 2780 will give strength for further growth towards 2800. After this level, the main target of the bulls will be the level of 3000.
If the bulls run out and the ETH/USD pair is unable to rise above the level of 2780, a downward correction may occur. In this case, support will be provided by the nearest 2680 level. A break below this level will send the ETH/USD pair to the area of 2600. Any further declines could bring the pair to the area of 2550, where the 100-hour moving average is forming.