Ethereum price climbed higher above the USD 2,600 resistance. ETH surpassed Bitcoin and holds gains above the USD 2,580 support zone.
- Ethereum extended its rise above the USD 2,650 resistance zone.
- The price is trading above $2,550 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,590 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could begin a downside correction if it makes a move below the $2,580 support.
Ethereum price has more upsides
Ethereum price remained in a positive zone above the USD 2,500 resistance. ETH even surpassed BTC and climbed above the USD 2,650 resistance zone. A new multi-week high was formed near $2,683 before the price corrected gains.
There was a move below the USD 2,620 and USD 2,600 levels. The price tested the 23.6% Fib retracement level of the upward move from the $2,245 swing low to the $2,683 high. There is also a major bullish trendline forming with support at $2,590 on the hourly chart of ETH/USD.
Ethereum is now trading above $2,550 and the 100-hourly Simple Moving Average. If there is a fresh rise, the price could face resistance near the USD 2,640 level. The next major resistance is now near USD 2,680. A clear move above the USD 2,680 level could send ETH towards USD 2,720. A close above the USD 2,720 resistance could push the price further into a bullish zone.
Source: ETHUSD on TradingView.com
The next major resistance is near USD 2,780. If the bulls push Ethereum above $2,780, a rally towards $2,880 could take place. Any further gains could send the price towards the $3,000 zone.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 2,680 resistance, it could initiate a downward correction. The initial downside support is near the $2,590 level and the trendline.
The first major support could be the $2,465 zone or the 50% Fib retracement level of the upward move from the $2,245 swing low to the $2,683 high. A downside break below the USD 2,465 support could push the price further down. In the said case, Ether could test the USD 2,350 support. Any further losses could send the price towards the USD 2,220 level.
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 level.
Major support level – $2,465
Major resistance level – $2,680
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