Ethereum price gained speed and rose above the USD 2,550 resistance zone. ETH is now consolidating near USD 2,680 and looking for more upside above USD 2,750.
- Ethereum started a decent rise above the USD 2,450 and USD 2,550 levels.
- The price is trading above $2,550 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise steadily if it breaks the $2,720 resistance zone.
Ethereum price expects more gains above $2,720
Ethereum price started a steady upward move above the USD 2,450 resistance level. ETH climbed above the USD 2,500 and USD 2,550 resistance levels, like Bitcoin above USD 58,000.
The price even managed to overcome the USD 2,650 resistance, but gains were limited compared to BTC. It reached a high near $2,722 and the price is now consolidating gains. It is still above the 23.6% Fib retracement level of the upward move from the $2,311 swing low to the $2,722 high.
Ethereum price is now trading above $2,550 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $2,550 on the hourly chart of ETH/USD. The trendline is close to the 100-hour Simple Moving Average and the 50% Fib retracement level of the upward move from the $2,311 swing low to the $2,722 high.
On the upside, the price is facing hurdles around the USD 2,700 level. The first major resistance is around the $2,720 level. A close above the USD 2,720 level could send Ether towards the USD 2,800 resistance. The next major resistance is near USD 2,865. An upside break above the USD 2,865 resistance could send the price higher towards the USD 3,000 resistance zone in the near term.
Are dips limited in ETH?
If Ethereum fails to clear the USD 2,720 resistance, it could initiate a downward correction. The initial downside support is near USD 2,620. 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 2,450. Any further losses could send the price towards the USD 2,320 support level in the near term. The next major support is at USD 2,250.
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 – $2,550
Major resistance level – $2,720
