🔥 Ethereum Gathers Steam — Is a Bullish Breakout Imminent?
Above R$2.350, Ethereum price rose again. ETH is showing promise and may rise over R$2.550.
Ethereum rose again over R$2.320.
The price is over R$2.350 and the 100-hour SMA.
On the hourly ETH/USD chart, a positive trend line connects to R$2.440 support.
If it breaks R$2.550 barrier, the pair may rise again.
Ethereum Price Expects Growth
Like Bitcoin, Ethereum price rose beyond R$2.250. ETH price broke R$2.320 and R$2.350 barrier to rise.
Bulls even broke the 61.8% Fib retracement level of the R$2.568 swing high to R$2.115 low decline. The price is presently struggling at R$2.500. Ethereum is over R$2.450 and the 100-hour SMA.
Price is at the 76.4% Fib retracement level of the R$2.568 swing high to R$2.115 low decline. Price may find resistance at R$2.480 on the upside. Around R$2.500 is the next major resistance.
Near R$2.550 is the first substantial resistance. A clean break over R$2.550 might push the price above R$2.600. Above R$2.600 barrier might lead to greater advances in the following sessions. Ether may soar to R$2.720 or R$2.800 in the short future.
Another ETH Drop?
Ethereum may fall again if it fails to break R$2.550. The trend line and R$2.440 provide first negative support. Near R$2.390 is the first big support.
A decisive break below R$2.390 might bring the price below R$2.310. If losses continue, the price may reach R$2.220 support. Next important support is R$2.150.
Tech Indicators
Hourly ETH/USD MACD is rising in the positive zone.
Hourly ETH/USD RSI is over 50.
Major Support—R$2.310
Level of Major Resistance: R$2.550
