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Ethereum price started a fresh rise above the USD 2,550 resistance. ETH is gaining speed and could soon clear the USD 2,650 resistance.
- Ethereum started a fresh rise above the USD 2,520 and USD 2,550 resistance levels.
- The price is trading above USD 2,580 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support near $2,535 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the USD 2,650 and USD 2,680 resistance levels.
Ethereum price has more upsides
Ethereum price extended its rise above the USD 2,550 resistance, like Bitcoin. ETH managed to break the USD 2,600 and USD 2,620 resistance levels. The price even peaked above $2,650 before a downward correction took place.
There was a move below the USD 2,640 level. The price tested the $2,540 zone. A low was formed at $2,538 and the price is rising again. There was a move above the USD 2,580 resistance. The price climbed above the 50% Fib retracement level of the downward move from the $2,684 swing high to the $2,538 low.
Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support near $2,535 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 2,630 level. The first major resistance is near the $2,650 level or the 76.4% Fib retracement level of the downward move from the $2,684 swing high to the $2,538 low. A clear move above the USD 2,650 resistance could send the price towards the USD 2,680 resistance.
An upside break above the USD 2,680 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,880 resistance zone in the short term. The next hurdle is near the USD 2,950 or USD 3,000 level.
Another drop in ETH?
If Ethereum fails to clear the USD 2,650 resistance, it could trigger another decline. The initial downside support is near the $2,600 level. The first major support is near the $2,535 zone and the trendline.
A clear move below the USD 2,500 support could push the price towards USD 2,450. Any further losses could send the price towards the USD 2,400 support level in the near term. The next major support is at USD 2,350.
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 – $2,535
Major resistance level – $2,650