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ethereum price started a fresh rise above the $2,580 resistance. eth is still a long way from a new all-time high, while bitcoin is close to ATH.
- ethereum started a decent rise above the $2,620 zone.
- The price is trading above $2,580 and the 100 hourly simple moving average.
- A connecting bullish trend line is 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 breaks the resistance levels of $2,650 and $2,680.
ethereum price rises slowly
ethereum price formed a base above the $2,465 level and started a new rise like bitcoin. eth rose above the $2,550 and $2,580 resistance levels to move into a positive zone.
The price rose more than 5% and there was a move above the $2,620 level. A high forms at $2,680 and the price is struggling to follow bitcoin's strength. The price corrected the gains and traded below the 23.6% Fibonacci retracement level of the upward move from the low of $2,488 to the high of $2,680.
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 face obstacles 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 could send the price towards the $2,915 resistance.
A bullish break above the $2,915 resistance could require more gains in the coming sessions. In the indicated case, Ether could rise towards the $3,000 resistance zone.
Downward correction in eth?
If ethereum fails to overcome the $2,680 resistance, it could start a downward correction. Initial support on the downside is near the $2,600 level. The first major support lies near the $2,560 zone or the 61.8% Fibonacci retracement level of the upward move from the low of $2,488 to the high of $2,680.
A clear move below the $2,600 support could push the price towards $2,550. Any further losses could send the price towards the $2,530 support level in the near term. The next key support lies at $2,450.
Technical Indicators
MACD hourly – 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.
Main Support Level: $2,600
Main Resistance Level: $2,680
