Ethereum price started a fresh upward move above the $2,500 resistance. ETH is now gaining pace above $2,600 and could continue to move higher.
- Ethereum started another increase from the $2,400 resistance.
- The price is trading above $2,550 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,650 resistance to continue higher in the near term.
Ethereum price rises over 5%
Ethereum price remained well supported and extended its rise, surpassing Bitcoin. ETH managed to overcome the $2,450 and $2,500 resistance levels. The bulls even pushed the price above the $2,500 resistance.
It was recently able to overcome the 76.4% Fibonacci retracement level of the downward correction from the $2,633 high to $2,528 low. The price is now showing positive signs and is trading above the recent high of $2,633.
Ethereum price is now trading above $2,635 and the 100-hour Simple Moving Average. There is also a bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD.
On the upside, the price appears to be facing hurdles near the $2,650 level or the 1.236 Fib extension level of the downward correction from the $2,633 swing high to $2,528 low. The first major resistance is near the $2,680 level. The next key resistance is near the $2,720 level.
An upside break above the $2,720 resistance could call for more gains. In the stated case, Ether could rally towards the $2,800 resistance zone in the near term. The next hurdle lies near the $2,880 or $2,920 level.
Are dips supported on ETH?
If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. The initial support on the downside is near $2,590. The first major support is near the $2,550 zone and the trendline zone.
A clear move below the $2,550 support could push the price towards $2,525. Any more losses could send the price towards the $2,450 support level in the near term. The next important support lies at $2,320.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,525
Major Resistance Level – $2,650
