This article is also available in Spanish.
ethereum price is extending its gains above the $2,650 resistance. eth could continue rising towards $2,850 if it breaks the $2,750 resistance zone.
- ethereum remained in a positive zone above the $2,580 and $2,620 resistance levels.
- The price is trading above $2,650 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $2,680 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue to rise if it breaks the $2,750 and $2,780 resistance levels.
ethereum Price Aims for More Gains
ethereum price remained stable above the $2,600 level like bitcoin. eth extended its gains above the $2,650 resistance level to move further into a positive zone.
The price surpassed the $2,700 level and tested $2,765. A high was formed at $2,765 and the price is now consolidating gains. There was a small drop below the $2,740 level, but the price remains stable above the 23.6% Fib retracement level of the upward move from the low of $2,576 to the high of $2,765.
ethereum price is now trading above $2,650 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $2,680 on the hourly chart of eth/USD. The trend line is near the 50% Fibonacci retracement level of the upward move from the low of $2,576 to the high of $2,765.
On the upside, the price seems to face obstacles near the $2,750 level. The first major resistance is near the $2,765 level. A clear move above the $2,765 resistance could send the price towards the $2,840 resistance. A bullish break above the $2,840 resistance could require more gains in the coming sessions.
In the indicated case, Ether could rally towards the $2,880 resistance zone in the near term. The next hurdle is near the $2,920 or $2,950 level.
Another drop in eth?
If ethereum fails to overcome the $2,750 resistance, it could start another decline. Initial support on the downside is near the $2,720 level. The first major support lies near the $2,680 zone and the trend line.
A clear move below the $2,720 support could push the price towards $2,650. Any further losses could send the price towards the $2,620 support level in the near term. The next key support is at $2,550.
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: $2,650
Main Resistance Level: $2,765
