ethereum price is consolidating gains above the $2,575 support. eth could start a major rally if it closes above the $2,700 resistance.
- ethereum is consolidating gains above the $2,575 support zone.
- The price is trading above $2,620 and the 100 hourly simple moving average.
- A short-term breakout pattern is forming with resistance at $2,640 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a new rise if it holds above the $2,575 support zone.
ethereum price foresees another increase
ethereum price gained pace above the $2,600 level and traded near the $2,700 resistance zone. eth traded as high as $2,681 before starting a downward correction.
There was a move below the $2,640 and $2,620 levels. The price fell below the 23.6% Fibonacci retracement level of the upward move from the low of $2,472 to the high of $2,681, like bitcoin. However, the bulls were active near the $2,600 zone.
ethereum found support at $2,600 and is currently attempting a fresh rise. It is now trading above $2,620 and the 100 hourly simple moving average.
The immediate resistance is near the $2,640 level. A short-term breakout pattern is also forming with resistance at $2,640 on the hourly chart of eth/USD. The first major resistance is near the $2,680 level. The next major resistance is near $2,720, above which the price could rise and test the resistance of $2,800.
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Fountain: ETHUSD on TradingView.com
If the bulls remain in action, they could even push the price above the $2,800 resistance. In the indicated case, the price could rise to the level of $3,000.
Another drop in eth?
If ethereum fails to overcome the $2,640 resistance, it could start another decline. Initial support on the downside is near the $2,620 level.
The next key support could be the $2,600 area. A clear move below the $2,600 support could send the price towards $2,575 or the 50% Fib retracement level of the upward move from the low of $2,472 to the high of $2,681. The main support could be $2,550 or the 100 hourly SMA. Any further losses could send the price towards the $2,440 level.
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 level.
Main Support Level: $2,600
Main Resistance Level: $2,640
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