Ethereum price is consolidating gains above the $2,550 resistance. ETH could gain pace if it breaks above the $2,650 resistance zone.
- Ethereum started a fresh increase above the $2,550 and $2,580 resistance levels.
- The price is trading above $2,600 and the 100 hourly simple moving average.
- There is a bullish trendline forming with support near $2,610 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue to rise if it overcomes the $2,650 and $2,680 resistance levels.
Ethereum Price Sees More Upside
Ethereum price remained stable above the $2,550 pivot level as Bitcoin. ETH surpassed the $2,600 and $2,620 resistance levels. The price rose above US$2,650 before there was a negative correction.
The price is rising again and trading above the $2,600 level. Bulls were able to overcome the 50% Fibonacci retracement level of the descending wave from the $2,685 swing high to $2,538 low. There is also a bullish trend line forming with support near $2,610 on the hourly chart of the ETH/USD pair.
Ethereum price is now trading above $2,600 and the 100-hour Simple Moving Average. On the upside, the price appears to be facing hurdles near the $2,635 level. The first major resistance is near the $2,650 level or the 76.4% Fibonacci retracement level of the descending wave from the $2,685 swing high to $2,538 low.
A clear move above the $2,650 resistance could send the price towards the $2,680 resistance. A bullish breakout above the $2,680 resistance could require further gains in the coming sessions. In the stated case, Ether could rise towards the $2,750 resistance zone in the near term. The next hurdle lies near the $2,880 or $2,920 level.
Another drop in ETH?
If Ethereum fails to overcome the $2,650 resistance, it could begin another decline. Initial downside support is near the $2,610 level and trendline. The first major support is near the $2,575 zone.
A clear move below the $2,575 support could push the price towards $2,550. Further losses could send the price towards the $2,475 support level in the near term. The next important support lies at $2,450.
Technical Indicators
MACD per hour – 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 – $2,575
Main resistance level – $2,650