Ethereum price is extending gains above $2,650 resistance. ETH could continue rising towards $2,850 if it breaks above the $2,750 resistance zone.
- Ethereum remained in a positive zone above the $2,580 and $2,620 resistance levels.
- The price is trading above $2,650 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support near $2,680 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue rising if it overcomes the $2,750 and $2,780 resistance levels.
Ethereum Price Aims for More Gains
Ethereum price remained stable above the $2,600 level as Bitcoin. ETH extended gains above the $2,650 resistance level to move further into a positive zone.
The price surpassed the $2,700 level and tested $2,765. A high was formed at $2,765 and the price is now consolidating gains. There was a small decline below the $2,740 level, but the price is stable above the 23.6% Fibonacci retracement level of the upward movement from the $2,576 swing low to the $2,765 high.
Ethereum price is now trading above $2,650 and the 100-hour Simple Moving Average. There is also a bullish trendline forming with support near $2,680 on the hourly chart of the ETH/USD pair. The trend line is near the 50% Fibonacci retracement level of the upward movement from the $2,576 swing low to $2,765 high.
On the upside, the price appears to be facing hurdles near the $2,750 level. The first major resistance is near the $2,765 level. A clear move above the $2,765 resistance could send the price towards the $2,840 resistance. A bullish breakout above the $2,840 resistance could require further gains in the coming sessions.
In the stated case, Ether could rise towards the $2,880 resistance zone in the near term. The next hurdle lies near the $2,920 or $2,950 level.
Another drop in ETH?
If Ethereum fails to overcome the $2,750 resistance, it could begin another decline. Initial downside support is near the $2,720 level. The first major support lies near the $2,680 zone and the trendline.
A clear move below the $2,720 support could push the price towards $2,650. Further losses could send the price towards the $2,620 support level in the near term. The next important support lies at $2,550.
Technical Indicators
MACD per hour – The MACD for ETH/USD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,650
Main resistance level – $2,765