Ethereum price found support at $2,550 and started a fresh increase. ETH is now up over 5% and might attempt to clear the $2,800 resistance.
- Ethereum started a decent increase above the $2,550 and $2,720 levels.
- The price is trading near $2,720 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,610 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend gains if it clears the $2,800 resistance zone in the near term.
Ethereum Price Rallies Over 5%
Ethereum price started a fresh increase from the $2,550 support zone, beating Bitcoin. ETH price was able to recover above the $2,620 and $2,650 resistance levels.
The price even surpassed the $2,720 level. However, the bears were active near the $2,785 resistance zone. The price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2,610 swing low to the $2,787 high.
Ethereum price is now trading near $2,720 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,610 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $2,780 level. The next key resistance is near the $2,800 level. The first major resistance is near the $2,7=840 level. A clear move above the $2,840 resistance might send the price toward the $2,880 resistance.
An upside break above the $2,800 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,920 resistance zone or even $2,950 in the near term.
Downside Correction In ETH?
If Ethereum fails to clear the $2,780 resistance, it could start a fresh decline. Initial support on the downside is near the $2,700 level. The first major support sits near the $2,650 zone. It is close to the 76.4% Fib retracement level of the upward move from the $2,610 swing low to the $2,787 high.
A clear move below the $2,650 support might push the price toward the $2,610 support. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
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 – $2,700
Major Resistance Level – $2,780
