Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Ethereum Price Follows Bitcoin’s Rally, But Momentum Falls Short

Ethereum Price Follows Bitcoin’s Rally, But Momentum Falls Short

Newsbtc2024/10/29 10:00
By: Aayush Jindal
BTC+0.11%ETH-0.31%RLY0.00%

Ethereum price started a fresh increase above the $2,550 resistance. ETH is following Bitcoin’s rally, but it is lacking the same strength.

  • Ethereum started a decent increase above the $2,600 zone.
  • The price is trading above $2,550 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support at $2,520 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it clears the $2,630 and $2,650 resistance levels.

Ethereum Price Starts Steady Increase

Ethereum price formed a base above the $2,450 level and started a fresh increase like Bitcoin . ETH climbed above the $2,500 and $2,550 resistance levels to move into a positive zone.

The price is up over 5% and there was a move above the $2,600 level. A high is formed at $2,630 and the price is showing positive signs. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high.

Ethereum price is now trading above $2,550 and the 100-hourly Simple Moving Average . There is also a connecting bullish trend line forming with support at $2,520 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. The main resistance is now forming near $2,720. A clear move above the $2,720 resistance might send the price toward the $2,880 resistance.

Source: ETHUSD on TradingView.com

An upside break above the $2,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,950 resistance zone.

Downside Correction In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,595 level. The first major support sits near the $2,550 zone or the 50% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high.

A clear move below the $2,550 support might push the price toward $2,520. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,320.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,550

Major Resistance Level – $2,650

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — ZKC/USDT!
Bitget Announcement2025/09/16 06:28
CandyBomb x ZKC: Trade futures to share 66,666 ZKC!
Bitget Announcement2025/09/16 06:00

Trending news

More
1
Bitget Trading Club Championship (Phase 9)—Trade spot and futures to share 120,000 BGB, up to 2200 BGB per user!
2
New spot margin trading pair — ZKC/USDT!

Crypto prices

More
Bitcoin
Bitcoin
BTC
$115,473.02
+0.64%
Ethereum
Ethereum
ETH
$4,501.11
-0.39%
XRP
XRP
XRP
$3.04
+1.36%
Tether USDt
Tether USDt
USDT
$1
-0.03%
BNB
BNB
BNB
$927.81
+0.96%
Solana
Solana
SOL
$234.91
-0.20%
USDC
USDC
USDC
$0.9998
-0.00%
Dogecoin
Dogecoin
DOGE
$0.2657
+0.89%
TRON
TRON
TRX
$0.3457
+0.19%
Cardano
Cardano
ADA
$0.8707
+1.15%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter