Ethereum Eyes Breakout Above Key Resistance
2024-10-16


In this 1-hour ETH/USDT chart, Ethereum shows strong upward momentum, highlighted by the large blue arrow.

Key Points:
Clear Uptrend: Ethereum has been moving in a steady uptrend, reflected in the price action staying above the moving averages. This signals that buyers are still in control, with higher highs and higher lows forming consistently.

Support Area: The green zone, around $2,590 to $2,600, acts as a solid support level. Price may pull back here before finding enough buying interest to push higher again.

Resistance Zone: The red area, between $2,670 and $2,690, is a key resistance where the price has previously struggled to break through. If Ethereum tests this level again, it could be a critical turning point.

Potential Move: The chart hints at a possible dip back to the support zone, followed by a bounce towards resistance. If the price breaks above the $2,690 mark, it could rally further, with a target potentially around $2,748.

