Connect with us

Hi, what are you looking for?

Smart Success Strategy – Investing and Stock NewsSmart Success Strategy – Investing and Stock News

Economy

Ethereum is rising to a new weekly high this morning

Ethereum is rising to a new weekly high this morning

The price of Ethereum rose to $2652 this morning, a new weekly high

Ethereum chart analysis

The price of Ethereum rose to $2652 this morning, a new weekly high. After that, bullish momentum was lost, and we were forced to start a pullback. We find support at $2,590, and the price has been successfully held back above $2,600. Now, Ethereum is at the $2620 level, and we expect it to move above the daily open level. This would return to the positive side and increase optimism for further progress to the bullish side.

This means we will see a retest of the previous high and hope for a new one to form. Potential higher targets are $2675 and $2700 levels. The price was above $2,700 the previous time on September 28. For a bearish option, Ethereum needs to stop trying to get back above the daily open level.

 

The price is losing momentum after forming a new weekly high this morning

After that, it remains to see the initiation of bearish consolidation and the testing of today’s low. A break below is a sign that the price does not have the strength to remain bullish and to follow a deeper pullback to a new low. In the $2550 zone, we will meet the EMA 50 moving average. Failure to hold above and gain its support will cause Ethereum to continue its bearish trend. Potential lower targets are $2525 and $2550 levels.

Spot Ether ETFs saw a net inflow of $17.07 million on Monday, the largest positive inflow this month. If the October trend continues, we can expect even higher net inflows, which is good for Ethereum’s positioning in the overall crypto basket.

 

The post Ethereum is rising to a new weekly high this morning appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.



    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative. Despite geopolitical tensions and uncertainty, the...

    Editor's Pick

    Overview Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s...

    Editor's Pick

    Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...

    Investing

    A new survey shows that the presidential race between former President Donald Trump and President Biden is thin, but Biden faces a deficit in...

    Disclaimer: smartsuccessstrategy.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 smartsuccessstrategy.com