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Ethereum price started a fresh rise above the USD 2,580 resistance. ETH is still far from a new all-time high, while Bitcoin is near ATH.
- Ethereum started a decent rise above the $2,620 zone.
- The price is trading above USD 2,580 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $2,530 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 is slowly rising
The price of Ethereum formed a base above the $2,465 level and started a new increase like Bitcoin. ETH climbed above the USD 2,550 and USD 2,580 resistance levels to move into a positive zone.
The price is up over 5% and there was a move above the USD 2,620 level. A high is formed at $2,680 and the price struggles to follow Bitcoin’s strength. The price corrected gains to trade below the 23.6% Fib retracement level of the upward move from the $2,488 swing low to the $2,680 high.
Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $2,530 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 $2,680 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 2,915 resistance.
An upside break above the USD 2,915 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 2,680 resistance, it could initiate a downward correction. The initial downside support is near the $2,600 level. The first major support is near the $2,560 zone or the 61.8% Fib retracement level of the upward move from the $2,488 swing low to the $2,680 high.
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 2,530 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