Ethereum price is holding gains above the $2,650 resistance. ETH is now consolidating gains and could target more gains above $2,700.
- Ethereum Seeks Further Upside Above $2,700 Resistance.
- The price is trading above $2,620 and the 100 hourly simple moving average.
- There is a short-term contracting triangle forming with support at $2,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $2,600 support to continue higher in the near term.
Ethereum Price Sees More Upside
Ethereum price extended its rise and climbed to the $2,700 level before bears stepped in. ETH started a downside correction from the $2,701 high as Bitcoin.
There was a drop below the $2,640 level. The price spiked below the 50% Fib retracement level of the upward wave from the $2,528 swing low to $2,700 high. However, the bulls were active near the $2,600 support zone.
The price tested the 61.8% Fibonacci retracement level of the upward wave from the $2,528 swing low to $2,700 high and is currently moving higher. Ethereum price is now trading above $2,620 and the 100-hour Simple Moving Average.
There is also a short-term contracting triangle forming with support at $2,620 on the hourly chart of ETH/USD. On the upside, the price appears to be facing hurdles near the $2,660 level. The first major resistance is near the $2,700 level. The next key resistance is near $2,720.
A break above the $2,720 resistance could call for further gains. In the stated case, Ether could rally towards the $2,800 resistance zone in the near term. The next hurdle lies near the $2,850 or $2,880 level.
Another ETH decline?
If Ethereum fails to clear the $2,680 resistance, it could start another decline. The initial support on the downside is near the $2,620 level and the triangle trendline. The first major support is near the $2,600 zone.
A clear move below the $2,600 support could push the price towards $2,550. Further losses could send the price towards the $2,525 support level in the near term. The next important support lies at $2,450.
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 – $2,600
Major Resistance Level – $2,680