ethereum price is up more than 5% and there was a push towards $2,700. eth is consolidating gains and could point to a move towards $2,800 or $3,000.
- ethereum is consolidating gains below the $2,700 resistance zone.
- The price is trading above $2,600 and the 100 hourly simple moving average.
- There was a break above a bullish flag pattern with resistance at $2,500 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a new rise if it holds above the $2,630 support zone.
ethereum price begins new rise
ethereum price remained stable above the $2,420 resistance. eth formed a base and started a new rise above the $2,500 resistance, outperforming bitcoin.
There was a break above a bullish flag pattern with resistance at $2,500 on the hourly chart of eth/USD. The pair gained over 5% and there was a clear move above the $2,600 resistance. It even moved towards the $2,700 level. A high was formed near $2,681 and the price is now consolidating gains.
There was a small drop below the $2,660 level. ethereum is still trading above the 23.6% Fibonacci retracement level of the recent rally from the low of $2,472 to the high of $2,681. It is also trading above $2,620 and the 100 hourly simple moving average.
If there is a further increase, the price could surpass the $2,660 level. On the upside, 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.
Are drops in eth limited?
If ethereum fails to overcome the $2,680 resistance, it could start a downward correction. Initial support on the downside is near the $2,630 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 recent rally from the low of $2,472 to the high of $2,681. The main support could be $2,520 or the 100 hourly SMA. Any further losses could send the price towards the $2,400 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $2,630
Main Resistance Level: $2,680
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