The Ethereum price is looking at another surge, just like Bitcoin. ETH needs to surpass $2,665 to continue higher and trade to a new high in the near term.
- Ethereum is aiming for another surge above the USD 2,665 level.
- The price is trading above USD 2,620 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $2,625 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to stay above the $2,600 support for another move higher in the near term.
Ethereum price has more upsides
The price of Ethereum found support around the $2,550 level and, like Bitcoin, started a new increase. ETH managed to break the $2,600 resistance level, but the gains were less than BTC.
The price climbed above the 50% Fib retracement level of the downward move from the $2,700 swing high to the $2,554 low. Additionally, there was a break above a connecting bearish trendline with resistance at $2,625 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,620 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 2,665 level. It is close to the 76.4% Fib retracement level of the downward move from the $2,700 swing high to the $2,554 low.
The first major resistance is around the $2,700 level. The next major resistance is near USD 2,720. An upside break above the USD 2,720 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,780 resistance zone in the short term. The next hurdle is near the USD 2,850 or USD 2,880 level.
Another drop in ETH?
If Ethereum fails to clear the USD 2,665 resistance, it could trigger another decline. Initial downside support is near the $2,600 level and the 100-hour Simple Moving Average. The first major support is near the $2,550 zone.
A clear move below the USD 2,550 support could push the price towards USD 2,525. Any further losses could send the price towards the USD 2,480 support level in the near term. The next major support is at $2,440.
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 below the 50 zone.
Major support level – $2,600
Major resistance level – $2,665