Ethereum price is moving higher above the $2,600 zone. ETH might gain bullish momentum if it clears the $2,800 resistance zone.
- Ethereum started a fresh increase above the $2,650 resistance level.
- The price is trading above $2,680 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2,680 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent upward move if it settles above $2,780 and $2,800.
Ethereum Price Eyes More Gains
Ethereum price remained supported above the $2,500 level, like Bitcoin. ETH formed a base and recently started a fresh increase above the $2,600 and $2,620 resistance levels.
There was a break above a key bearish trend line with resistance at $2,680 on the hourly chart of ETH/USD. The bulls pumped the pair above the $2,700 level. It traded as high as $2,794 before there was a minor pullback. The price dipped below the $2,750 level.
There was a move below the 23.6% Fib retracement level of the upward wave from the $2,550 swing low to the $2,794 high. Ethereum price is now trading above $2,680 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $2,750 level. The first major resistance is near the $2,780 level. The main resistance is now forming near $2,800 or $2,820. A clear move above the $2,820 resistance might send the price toward the $2,920 resistance.
An upside break above the $2,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,000 resistance zone or even $3,050 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,780 resistance, it could start another decline. Initial support on the downside is near the $2,675 level or the 50% Fib retracement level of the upward wave from the $2,550 swing low to the $2,794 high. The first major support sits near the $2,640 zone.
A clear move below the $2,640 support might push the price toward the $2,600 support. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,440.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,675
Major Resistance Level – $2,780
