FxNews—Ethereum‘s price broke above the bullish channel and stabilized beyond the September 20 high of $2,550. As of this writing, the ETH/USD pair trades at approximately $2,630.
The daily chart below demonstrates the price, support and resistance levels, and technical indicators utilized in today’s analysis.
Ethereum Technical Analysis – 25-September-2024
The primary trend is bullish because the price of Ethereum is above the 50- and 100-period simple moving averages, as the image above shows. However, the relative strength index indicators and Stochastic are declining, showing 57 and 62 in the description, meaning the downtrend is gaining momentum.
Meanwhile, the Awesome oscillator signals divergence, indicating a consolidation phase or a trend reversal on the horizon.
Overall, the technical indicators suggest Ethereum is in a bull market, but the market has the potential to consolidate near the lower support levels.
Ethereum Forecast – 25-September-2024
The primary trend is bullish, and the immediate resistance lies at $2,700. For the uptrend to resume, the bulls must close and stabilize the Ethereum price above $2,700.
If this scenario unfolds, the next bullish target will be the August 28 high at $2,820. Please note that the bull market should be invalidated if the Ethereum price dips below the 100-period simple moving average at $2,420.
Ethereum Support and Resistance Levels – 25-September-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: $2,550 / $2,420 / $2,250
- Resistance: $2,700 / $2,820 /