Ethereum price started a fresh increase above the $2,550 zone. ETH is now consolidating gains and might aim for a fresh move above $2,620.
- Ethereum started a fresh increase above the $2,550 level.
- The price is trading above $2,580 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 via Kraken).
- The pair could start a fresh increase if it remains supported above the $2,550 zone in the near term.
Ethereum Price Gains Pace
Ethereum price started a fresh increase above the $2,560 zone, beating Bitcoin. ETH price gained pace for a move above the $2,600 resistance zone and entered a positive zone.
The price even tested the $2,620 resistance. A high was formed at $2,627 and the price is now consolidating gains. It is stable above the 23.6% Fib retracement level of the upward move from the $2,515 swing low to the $2,627 high.
Ethereum price is now trading above $2,580 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $2,620 level. The next key resistance is near the $2,650 level. The first major resistance is near the $2,680 level. A clear move above the $2,680 resistance might send the price toward the $2,780 resistance.
An upside break above the $2,780 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,880 resistance zone or even $2,920 in the near term.
Are Downsides Limited In ETH?
If Ethereum fails to clear the $2,620 resistance, it could start a fresh decline. Initial support on the downside is near the $2,570 level. The first major support sits near the $2,520 zone and the trend line.
A clear move below the $2,520 support might push the price toward the $2,450 support. Any more losses might send the price toward the $2,350 support level in the near term. The next key support sits at $2,320.
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 – $2,520
Major Resistance Level – $2,620
