Ethereum price started to rise again above the USD 2,600 resistance. ETH is consolidating gains and could aim for a move above the USD 2,720 resistance.
- Ethereum started a decent rise above the $2,650 zone.
- The price is trading above $2,600 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,540 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 2,720 resistance levels.
Ethereum price expects more gains
The price of Ethereum formed a base above the $2,550 level and started a new increase like Bitcoin. ETH climbed above the USD 2,600 and USD 2,620 resistance levels to move into a positive zone.
The price even broke the USD 2,650 resistance. A high is formed at $2,719 and the price is now consolidating gains. There was a small decline below the USD 2,680 level. The price fell below the 23.6% Fib retracement level of the upward wave from the $2,489 swing low to the $2,719 high.
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 at $2,540 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 2,650 level. The first major resistance is around the $2,700 level. The main resistance is now forming around $2,720. A clear move above the USD 2,720 resistance could send the price towards the USD 2,880 resistance.
An upside break above the USD 2,880 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,000 resistance zone.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 2,650 resistance, it could initiate a downward correction. The initial downside support is near the $2,600 level and the 50% Fib retracement level of the upward wave from the $2,489 swing low to the $2,719 high.
The first major support is near the $2,540 zone. A clear move below the USD 2,540 support could push the price towards USD 2,500. 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 losing momentum 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 – $2,650
