Aayush Jindal
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Ethereum price started a fresh increase above the $2,580 resistance. ETH is still very far from a new all-time high while Bitcoin is near ATH.
- Ethereum started a decent increase above the $2,620 zone.
- The price is trading above $2,580 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2,530 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $2,650 and $2,680 resistance levels.
Ethereum Price Climbs Slowly
Ethereum price formed a base above the $2,465 level and started a fresh increase like Bitcoin. ETH climbed above the $2,550 and $2,580 resistance levels to move into a positive zone.
The price is up over 5% and there was a move above the $2,620 level. A high is formed at $2,680 and the price is struggling to follow Bitcoin’s strength. The price corrected gains and traded below the 23.6% Fib retracement level of the upward move from the $2,488 swing low to the $2,680 high.
Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,530 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,650 level. The first major resistance is near the $2,680 level. The main resistance is now forming near $2,720. A clear move above the $2,720 resistance might send the price toward the $2,915 resistance.
An upside break above the $2,915 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,000 resistance zone.
Downside Correction In ETH?
If Ethereum fails to clear the $2,680 resistance, it could start a downside correction. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,560 zone or the 61.8% Fib retracement level of the upward move from the $2,488 swing low to the $2,680 high.
A clear move below the $2,600 support might push the price toward $2,550. Any more losses might send the price toward the $2,530 support level in the near term. The next key support sits 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
