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
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
