Ethereum price is moving higher above the $2,650 zone. ETH might gain bullish momentum if it clears the $2,750 resistance zone.
- Ethereum started a fresh increase above the $2,620 resistance level.
- The price is trading above $2,650 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2,640 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent upward move if it settles above $2,750 and $2,800.
Ethereum Price Eyes Steady Increase
Ethereum price remained supported above the $2,550 level, like Bitcoin. ETH formed a base and recently started a fresh increase above the $2,600 and $2,620 resistance levels.
The bulls pumped the pair above the 23.6% Fib retracement level of the downside correction from the $2,794 swing high to the $2,614 low. The pair is now moving higher above the $2,680 level. There is also a key bullish trend line forming with support at $2,640 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,650 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,700 level or the 50% Fib retracement level of the downside correction from the $2,794 swing high to the $2,614 low.
The first major resistance is near the $2,750 level. The main resistance is now forming near $2,800 or $2,820. A clear move above the $2,820 resistance might send the price toward the $2,920 resistance.
An upside break above the $2,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,000 resistance zone or even $3,050 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,750 resistance, it could start another decline. Initial support on the downside is near the $2,655 level or the 100 hourly SMA. The first major support sits near the $2,620 zone or the trend line.
A clear move below the $2,620 support might push the price toward the $2,600 support. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,440.
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 – $2,620
Major Resistance Level – $2,750
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