Ethereum Poised to Explode Higher — Is a Breakout Imminent?
Ethereum reversed gains and tested $2,500. ETH is soaring again and may shortly break $2,600.
Ethereum touched $2,500 after correcting from $2,740.
The price is over $2,520 and the 100-hour SMA.
The hourly chart of ETH/USD shows a significant descending channel or bullish flag with resistance at $2,575
If it breaks $2,600, the pair may strengthen.
Ethereum Price May Rise
Ether struggled to break $2,740 and began a negative slump like Bitcoin. ETH traded below $2,700 and $2,650.
Bears pushed the price below the 50% Fib retracement line of the $2,415 swing low to $2,735 high. Price jumped below $2,520, while bulls were aggressive at $2,500.
The price established support at the 76.4% Fib retracement level of the $2,415 swing low to $2,735 high upward advance. Ether rose from $2,500 again.
Ethereum is over $2,520 and the 100-hour SMA. The price may face resistance at $2,575 on the upside. A crucial descending channel or bullish flag with resistance around $2,575 is also emerging on the hourly chart of ETH/USD.
Around $2,600 is the next major resistance. Near $2,650 is the first substantial resistance. A clean break over $2,650 might push the price above $2,735. Above $2,735 barrier might lead to greater advances in the following sessions#BinanceAlphaAlert #TradeStories #CryptoRegulation $BTC #BinanceAlphaAlert $BTC
