Ethereum Bulls Set Sights on $3K: Is a Rally Coming?
2024-10-16

Ethereum price started a fresh increase above the $2,550 resistance. ETH is gaining pace and might soon clear the $2,650 resistance.
Ethereum Price Eyes More Upsides
Ethereum price extended its increase above the $2,550 resistance like Bitcoin. ETH cleared the $2,600 and $2,620 resistance levels. The price even spiked above $2,650 before there was a downside correction.
There was a move below the $2,640 level. The price tested the $2,540 zone. A low was formed at $2,538 and the price is again rising. There was a move above the $2,580 resistance. The price climbed above the 50% Fib retracement level of the downward move from the $2,684 swing high to the $2,538 low.
Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,535 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,630 level. The first major resistance is near the $2,650 level or the 76.4% Fib retracement level of the downward move from the $2,684 swing high to the $2,538 low. A clear move above the $2,650 resistance might send the price toward the $2,680 resistance.
An upside break above the $2,680 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,880 resistance zone in the near term. The next hurdle sits near the $2,950 level or $3,000.
Another Decline In ETH?
If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,535 zone and the trend line.
A clear move below the $2,500 support might push the price toward $2,450. Any more losses might send the price toward the $2,400 support level in the near term. The next key support sits at $2,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,535
Major Resistance Level – $2,650