Ethereum price is trying to make a fresh rise above the USD 2,550 level. ETH could continue to rise unless there is a decline below the USD 2,525 support.
- Ethereum is attempting another surge above the USD 2,520 level.
- The price is trading above USD 2,520 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the USD 2,600 and USD 2,620 resistance levels.
Ethereum price holds support
Ethereum price remained well supported above the USD 2,450 level. ETH outperformed Bitcoin and started a new rise above the USD 2,500 resistance zone.
There was a move above the $2,550 resistance and the 100-hourly Simple Moving Average. The price even broke the USD 2,600 level before the bears appeared. A high is being formed near USD 2,614 and the price is now correcting gains. There was a small move below the 23.6% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high.
Ethereum is still trading above $2,520 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $2,540 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high.
On the upside, the price is facing resistance around the $2,600 level. The next major resistance is now near $2,620. A clear move above the USD 2,620 level could trigger a significant upside. In the mentioned case, the price could rise to the USD 2,665 level.
Source: ETHUSD on TradingView.com
The main breakout zone is now forming near the $2,710 zone. A close above the resistance at $2,710 could trigger another big move higher. The next major resistance is near USD 2,780. Any further gains could send the price towards the $2,880 zone.
New drop in ETH?
If Ethereum fails to clear the USD 2,620 resistance, it could trigger another decline. The initial downside support is near the $2,550 level and the trendline.
The next major support could be the $2,500 zone. A downside break below the USD 2,500 support could push the price further down. In the said case, Ether could test the USD 2,450 support. Any further losses could send the price towards the USD 2,350 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $2,540
Major resistance level – $2,620
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