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Ethereum price extends gains above the USD 2,650 resistance. ETH could continue rising towards USD 2,850 if it breaks the USD 2,750 resistance zone.
- Ethereum remained in a positive zone above the USD 2,580 and USD 2,620 resistance levels.
- The price is trading above USD 2,650 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support near $2,680 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the USD 2,750 and USD 2,780 resistance levels.
Ethereum price aims for more gains
Ethereum’s price remained stable above the $2,600 level, just like Bitcoin. ETH extended gains above the $2,650 resistance level to move further into a positive zone.
The price reached the USD 2,700 level and tested USD 2,765. A high was reached at $2,765 and the price is now consolidating gains. There was a small decline below the $2,740 level, but the price is stable above the 23.6% Fib retracement level of the upward move from the $2,576 swing low to the $2,765 high.
Ethereum price is now trading above $2,650 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support around $2,680 on the hourly chart of ETH/USD. The trendline is near the 50% Fib retracement level of the upward move from the $2,576 swing low to the $2,765 high.
On the upside, the price seems to be facing hurdles around the USD 2,750 level. The first major resistance is around the $2,765 level. A clear move above the USD 2,765 resistance could send the price towards the USD 2,840 resistance. An upside break above the USD 2,840 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 2,920 or USD 2,950 level.
Another drop in ETH?
If Ethereum fails to clear the USD 2,750 resistance, it could trigger another decline. The initial downside support is near the $2,720 level. The first major support is near the $2,680 zone and the trendline.
A clear move below the USD 2,720 support could push the price towards USD 2,650. Any further losses could send the price towards the USD 2,620 support level in the near term. The next major support is at USD 2,550.
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 – $2,650
Major resistance level – $2,765