Ethereum price is showing positive signs above the $2,680 zone. ETH is gaining pace and an upside break above $2,755 could trigger bullish moves.
Ethereum is still showing positive signs above the $2,650 zone.
The price is trading above $2,720 and the 100-hourly Simple Moving Average.
There is following a key rising channel with support at $2,725 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent upward move if it settles above $2,755 and $2,800.
Ethereum Price Eyes Upside Break
Ethereum price remained supported above the $2,550 level and recently started a decent upward move, but it underperformed Bitcoin. ETH gained pace above the $2,650 and $2,660 resistance levels.
The price even cleared the 50% Fib retracement level of the downward wave from the $2,845 swing high to the $2,604 low. There was also a move above the $2,720 resistance level. Besides, the price is following a key rising channel with support at $2,725 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,720 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,755 level. It is close to the 61.8% Fib retracement level of the downward wave from the $2,845 swing high to the $2,604 low.
The first major resistance is near the $2,790 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 $2,880 resistance. An upside break above the $2,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,920 resistance zone or even $3,000 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,755 resistance, it could start another decline. Initial support on the downside is near the $2,720 level. The first major support sits near the $2,665 zone.
A clear move below the $2,665 support might push the price toward the $2,620 support. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
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 – $2,720
Major Resistance Level – $2,755
* 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.
