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Ethereum price started to rise again above the USD 2,500 resistance. ETH is up over 5% and could continue to rise if the USD 2,650 resistance is cleared.
- Ethereum started a fresh rise above the USD 2,500 and USD 2,550 resistance levels.
- The price is trading above $2,550 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support near $2.52 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the USD 2,620 and USD 2,650 resistance levels.
Ethereum price rises by more than 5%
Ethereum price formed a base above the USD 2,400 level and started a new increase. ETH managed to overcome the USD 2,450 and USD 2,500 resistance levels to move into a positive zone and beat Bitcoin.
The bulls even pushed the price above the USD 2,600 level. A high was reached at $2,650 and the price is now consolidating gains. The price is stable above the 23.6% Fib retracement level of the upward wave from the $2,442 swing low to the $2,650 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 near $2.52 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 2,640 level. The first major resistance is around the $2,650 level. A clear move above the USD 2,650 resistance could send the price towards the USD 2,720 resistance. 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 2,800 resistance zone in the short term. The next hurdle is near the USD 2,880 or USD 2,920 level.
Another drop in ETH?
If Ethereum fails to clear the USD 2,650 resistance, it could trigger another decline. The initial downside support is near the $2,600 level. The first major support is near the $2,520 zone and the trendline or 61.8% Fib retracement level of the upward wave from the $2,442 swing low to the $2,650 high.
A clear move below the USD 2,520 support could push the price towards USD 2,450. Any further losses could send the price towards the USD 2,400 support level in the near term. The next major support is at USD 2,350.
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