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Ethereum price started a new upward move above the USD 2,500 resistance. ETH is now gaining pace above $2,600 and could continue to rise.
- Ethereum started to rise again from the USD 2,400 resistance.
- The price is trading above $2,550 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to overcome the USD 2,650 resistance to continue higher in the near term.
Ethereum price rises by more than 5%
Ethereum price remained well supported and extended its gains, beating Bitcoin. ETH was able to break the USD 2,450 and USD 2,500 resistance levels. The bulls even pushed the price above the USD 2,500 resistance.
Recently, it was able to surpass the 76.4% Fib retracement level of the downward correction from the $2,633 swing high to the $2,528 low. The price is now showing positive signs and trading above the recent swing high of $2,633.
Ethereum price is now trading above $2,635 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $2,550 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,650 level or the 1,236 Fib extension level of the downward correction from the $2,633 swing high to the $2,528 low. The first major resistance is around the $2,680 level. The next major resistance is near USD 2,720.
An upside break above the USD 2,720 resistance could call for more gains. In the mentioned case, Ether could rise towards the USD 2,800 resistance zone in the short term. The next hurdle is near the USD 2,880 or USD 2,920 level.
Are dips supported in ETH?
If Ethereum fails to clear the USD 2,650 resistance, it could initiate a downward correction. The initial downside support is near USD 2,590. The first major support is near the $2,550 zone and the trendline zone.
A clear move below the USD 2,550 support could push the price towards USD 2,525. Any further losses could send the price towards the USD 2,450 support level in the near term. The next major support is at $2,320.
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 zone.
Major support level – $2,525
Major resistance level – $2,650