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ethereum price started a fresh upward move above the $2500 resistance. eth is now gaining momentum above $2600 and it could continue to rise.
- ethereum started another surge from the $2,400 resistance.
- The price is trading above $2,550 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $2,550 on the hourly chart of eth/USD (data feed from Kraken).
- The pair must overcome the resistance of $2,650 to continue rising in the near term.
ethereum price rises more than 5%
ethereum price remained well supported and extended its rise, outperforming bitcoin. eth was able to overcome the $2,450 and $2,500 resistance levels. The bulls even pushed the price above the $2,500 resistance.
Recently, it managed to break above the 76.4% Fibonacci retracement level of the bearish correction from the high of $2,633 to the low of $2,528. The price is now showing positive signs and is trading above the recent high of $2,633.
ethereum price is now trading above the $2,635 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $2,550 on the hourly chart of eth/USD.
On the upside, the price seems to be facing hurdles near the $2,650 level or the 1.236 Fib extension level of the downside correction from the $2,633 high to $2,528 low. The first major resistance is near the $2,680 level. The next key resistance is near $2,720.
A bullish break above the $2,720 resistance could lead to further gains. In the stated case, Ether could rally towards the $2,800 resistance zone in the near term. The next hurdle lies near the $2,880 or $2,920 level.
Is there support for dips in eth?
If ethereum fails to clear the $2650 resistance, it could start a downside correction. The initial support on the downside lies near $2590. The first major support lies near the $2550 zone and the trend line zone.
A clear move below the $2550 support could propel the price towards $2525. Any further losses could send the price towards the $2450 support level in the near term. The next key support lies at $2320.
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: $2525
Major Resistance Level: $2650
(tags to translate)ethbtc
