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Ethereum price started a new increase above the USD 2,650 resistance. ETH is up over 10% and could aim for a move above the USD 2,850 resistance.
- Ethereum started a new rise above the USD 2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- A new connecting bullish trendline is forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it breaks above USD 2,850 and USD 2,880.
Ethereum Price Extends Rise
The price of Ethereum, like Bitcoin, started to rise again above the USD 2,550 resistance. ETH was able to climb above the USD 2,550 and USD 2,650 resistance levels to move into a positive zone.
It even rose above the USD 2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upside. It holds gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. A new connecting bullish trendline is also forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 2,850 level. The first major resistance is around the $2,880 level. The main resistance is now forming around $2,950. A clear move above the USD 2,950 resistance could send the price towards the USD 3,000 resistance.
An upside break above the USD 3,000 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,250 resistance zone.
Are dips supported in ETH?
If Ethereum fails to clear the USD 2,850 resistance, it could initiate a downward correction. The initial downside support is near the USD 2,800 level. The first major support is near the $2,720 zone and the trendline.
A clear move below the USD 2,720 support could push the price towards USD 2,650. Any further losses could send the price towards the USD 2,550 support level in the near term. The next major support is at $2,500.
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 – $2,850
Major resistance level – $2,720