Ethereum price started rising steadily above the USD 2,550 resistance. ETH is beating Bitcoin and could even break the $2,750 resistance zone.
- Ethereum started a new increase above the USD 2,550 and USD 2,650 levels.
- The price is trading above USD 2,650 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $2,695 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend gains if it breaks the USD 2,750 resistance zone.
Ethereum Price Rises Over 8%
Ethereum price remained stable near the USD 2,520 support zone. ETH formed a base and started a new increase above the USD 2,600 level. The price rose more than 8%, outperforming Bitcoin and even surpassing the USD 2,650 resistance zone.
The price peaked above the USD 2,720 resistance. It reached a high at $2,748 and the price is now consolidating gains. A connecting bullish trendline is also forming with support at $2,695 on the hourly chart of ETH/USD. The trendline is close to the 23.6% Fib retracement level of the upward move from the $2,518 swing low to the $2,748 high.
Ethereum price is now trading above $2,650 and the 100-hourly Simple Moving Average. If another rise occurs, the price could face hurdles around the USD 2,720 level.
The first major resistance is around the $2,750 level. A close above the USD 2,750 level could send Ether towards the USD 2,880 resistance. The next major resistance is near USD 2,920. An upside break above the USD 2,920 resistance could send the price higher towards the USD 3,000 resistance zone in the near term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,750 resistance, it could initiate a downward correction. The initial downside support is near $2,700 and is on the trendline. The first major support is near the $2,640 zone and the 50% Fib retracement level of the upward move from the $2,518 swing low to the $2,748 high.
A clear move below the USD 2,640 support could push the price towards USD 2,580. Any further losses could send the price towards the USD 2,520 support level in the near term. The next major support is at USD 2,450.
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 zone.
Major support level – $2,695
Major resistance level – $2,750