Ethereum price started rising steadily above the USD 2,650 resistance. ETH is beating Bitcoin and could even rise towards the $3,000 resistance zone.
- Ethereum started a new increase above the USD 2,580 and USD 2,650 levels.
- The price is trading above USD 2,670 and the 100-hourly Simple Moving Average.
- A major contracting triangle is forming with support at $2,670 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 has more upsides
Ethereum price started a decent rise against the USD 2,520 support zone. ETH outperformed Bitcoin and surpassed the USD 2,650 resistance zone. The price even spiked above the $2,720 zone.
The recent swing high was formed at $2,732 and the price is now consolidating gains. The price is now moving lower than the USD 2,700 level. There was a decline below the 23.6% Fib retracement level of the upward move from the $2,613 swing low to the $2,732 high.
Ethereum price is now trading above $2,670 and the 100-hourly Simple Moving Average. A major contracting triangle is also forming with support at $2,670 on the hourly chart of ETH/USD. The triangle support is near the 50% Fib retracement level of the upward move from the $2,613 swing low to the $2,732 high.
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 2,820 resistance.
The next major resistance is near USD 2,880. An upside break above the USD 2,880 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 2,720 resistance, it could slowly move lower. The initial downside support is near $2,670 and the triangle trendline. The first major support is near the $2,640 zone and the 100-hourly SMA.
A clear move below the USD 2,640 support could push the price towards USD 2,620. Any further losses could send the price towards the USD 2,550 support level in the near term. The next major support is at $2,520.
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 – $2,670
Major resistance level – $2,750
