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Ethereum price is holding gains above the USD 2,650 resistance. ETH is now consolidating gains and could target more gains above $2,700.
- Ethereum is aiming for more upside above the USD 2,700 resistance.
- The price is trading above USD 2,620 and the 100-hourly Simple Moving Average.
- A short-term contract triangle is forming with support at $2,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to stay above the $2,600 support to continue higher in the near term.
Ethereum price has more upsides
Ethereum price extended its rise and climbed to the $2,700 level before the bears appeared. ETH started a downward correction from the high of $2,701, just like Bitcoin.
There was a decline below the USD 2,640 level. The price peaked below the 50% Fib retracement level of the upward wave from the $2,528 swing low to the $2,700 high. However, the bulls were active near the $2,600 support zone.
The price tested the 61.8% Fib retracement level of the upward wave from the $2,528 swing low to the $2,700 high and is currently rising. Ethereum price is now trading above $2,620 and the 100-hourly Simple Moving Average.
A short-term contracting triangle is also forming with support at $2,620 on the hourly chart of ETH/USD. On the upside, the price seems to be facing hurdles around the USD 2,660 level. The first major resistance is around the $2,700 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 2,850 or USD 2,880 level.
Another drop in ETH?
If Ethereum fails to clear the USD 2,680 resistance, it could trigger another decline. The initial downside support is near the $2,620 level and the triangle trendline. The first major support is near the $2,600 zone.
A clear move below the USD 2,600 support could push the price towards USD 2,550. Any further losses could send the price towards the USD 2,525 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 gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,600
Major resistance level – $2,680