Ethereum’s price rose to $2,500 as buyers held support at $2,400. However, the daily and four-hour charts indicate that $2,550 is the key area for a breakout.
The following is a summary of the information that you will find on this page.
- The price of Ethereum rose by about 3% within 24 hours and is now trading at close to $2,000.
- The Bollinger bands show that the immediate resistance is at $2.549, and support is near $2.467.
- The 4-hour Supertrend has continued to be bearish, below $2.527.
- If ETH overcomes the resistance level, liquidation could occur between $2.630 – $2.650.
EthereumETHThe price of a () was around $2,500 as I wrote this, a gain of almost 3% from the 24 hour period prior. This intraday range spanned from $2,427 up to $2,518.
This rebound came after a drop towards $2,385 in early week. Since then, buyers have pushed ETH above $2,500. However, the price has yet to break out of the tight range it has been in since August.
US macro- and regulatory conditions remain mixed. This week, the Federal Reserve increased interest rates 25 basis points amid concerns about inflation. However, the Senate did not advance the CLARITY Act.
Bitcoin and other crypto-related stock prices have rebounded in the wake of the recent events. This suggests that both the outcomes had been reflected at least partially before the decision. Ethereum’s move next may depend on buyers being able to turn the most recent rebound into a new technical breakthrough.
Ethereum Price Approaches the Upper Bollinger Band
Daily chart showing ETH increasing from an entry price around $2.447, to $2.505. The session reached a peak of $2.522 and recorded a low $2.437.
Ethereum has now reached $2,467 above the Bollinger Band’s midpoint. This level may serve as a first support dynamic if recovery begins to lose momentum.
This is close to psychological resistance of $2.550. Since August, ETH’s price has been struggling around this level.
If the price closes above $2.550 on a daily basis, it will move out of its upper range. Around $2,600 is the next obvious resistance, then a larger supply zone between 2700 and 2,800.
If ETH fails to break $2,550 it will remain in its current consolidation. The Bollinger midpoint around $2.467 will be the first to watch in this scenario. Next, would be the lower band near $2.385.
Daily relative strength continues to be positive, yet not too stretched. The signal line for the relative strength indicator is 59.74 and slightly higher, at 58.35. The reading of 50 or higher indicates a stronger purchasing momentum. However, the RSI is still below the signal line and the breakout may not be fully confirmed.
Improves 4-hour momentum below $2,527
Ethereum’s chart for the 4-hour time period shows an improvement from Sep. 16, where price briefly dropped below $2400. Since the sell-off on Sep. 16, ETH’s 4-hour chart shows a recovery from that time when price briefly fell below $2,400.
Bull Bear Power has increased to 85.09 in recent days, indicating renewed confidence among buyers. Positive histograms have also increased during the recent rebound.
The Supertrend 4-Hour remains negative, but its resistance is at $2,526.61. Ethereum has to close above this level for the indicator to change in favor of buyers.
If you can successfully move over the Supertrend, the Bollinger daily resistance of $2.549 is within your reach. Because the two levels sit only about $23 apart, the $2,527–$2,550 region represents a wider resistance zone rather than one precise price.
The 4-hour chart shows support at approximately $2442. A break below that level would weaken the higher-low structure and expose the $2,400–$2,385 area again.
ETH liquidation map points to $2,630–$2,650
The heatmap of CoinGlass for the past week shows several clusters around Ethereum’s price.
The closest liquidity is concentrated around $2,490–$2,520, matching the area where ETH is currently trading. Concentrations are higher above the price at $2,630, $2,650 and the last band is the most prominent.
The heatmaps show where the price may reach these levels, but do not indicate that leveraged positions will be forced to close. When ETH crosses over $2.550, there could be increased volatility due to short positions being under pressure.
There is also liquidity below the markets around $2.440 and $2.410. These zones overlap the Supertrend Support and the wider base created during recent sessions.
In this way, a rejection of $2.550, followed by a $2.440 loss, could accelerate the movement towards $2.400. In the opposite direction, a breakout confirmed may lead to $2600 and larger liquidation pool above that.
Analysts keep an eye on $2,550 as a possible breakout.
The pseudoanonymous Bitcoin trader Batman has described Ethereum’s structure in a way that is reminiscent of a “rally-base-rally” The setup is based on the consolidation which formed after ETH’s august advance. His chart places the base near $2,385 and the top of the range around $2,550–$2,600.
Ted Pillows, analyst identified As the immediate opposition, $2.550. His argument was that an upward move towards $3,000 could be supported by a close of the week above this level, although his chart placed another major resistance area near $2800.
Both perspectives are dependent upon ETH reaching its current high. Until then, price remains inside a range bounded by support around $2,385–$2,440 and resistance between $2,527 and $2,550.
While ETH is above $2,467, the short-term set up favors buyers. Bullish sentiment would be strengthened if ETH closed above $2.550. A close below $2.442 would bring attention back to the $2.400 or $2.385.
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Source: crypto.news
