Ethereum price climbed higher above the USD 2,450 resistance. ETH surpassed Bitcoin and appears to be gearing up for a bigger rise towards $2,880.
- Ethereum is gaining pace above the USD 2,450 resistance level.
- The price is trading above $2,500 and the 100-hourly Simple Moving Average.
- There was a break above a key ascending channel with resistance near $2,440 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is already up over 5% and could rise further above the $2,650 resistance.
Ethereum price is gaining strength
Ethereum price started a decent rise above the USD 2,350 resistance. Recently, BTC spot ETFs have been approved. However, there was no major increase in Bitcoin, but ETH gained bullish momentum.
There was a break above a key ascending channel with resistance around $2,440 on the hourly chart of ETH/USD. The pair rose more than 5% and even managed to cross the $2,500 resistance zone. There was a spike above the USD 2,600 resistance zone. A new multi-week high was formed near $2,642 and the price is now consolidating gains.
There was a small decline below $2,600, but Ethereum remained above the 23.6% Fib retracement level of the recent rally from the $2,346 swing low to the $2,642 high. Ethereum is now trading above $2,500 and the 100-hourly Simple Moving Average.
If a new increase occurs, the price may encounter resistance near the USD 2,650 level. The next major resistance is now near $2,720. A clear move above the USD 2,720 level could send ETH towards USD 2,780. A close above the USD 2,780 resistance could push the price further into a bullish zone.
Source: ETHUSD on TradingView.com
The next major resistance is near USD 2,840. If the bulls push Ethereum above $2,840, a rally towards $2,920 could take place. Any further gains could send the price towards the $3,000 zone.
Are dips restricted in ETH?
If Ethereum fails to clear the USD 2,650 resistance, it could initiate a downward correction. The initial downside support is near the $2,580 level.
The first major support could be the $2,500 zone or the 50% Fib retracement level from the recent rally from the $2,346 swing low to the $2,642 high. A downside break and a close below $2,500 could push the price further. In the said case, Ether could test the USD 2,440 support. Any further losses could send the price towards the USD 2,350 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,500
Major resistance level – $2,650
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