Ethereum price found support at $2,500 and started a fresh increase. ETH is now rising and might aim for a move above the $2,750 resistance zone.
- Ethereum started a decent increase above the $2,550 and $2,620 levels.
- The price is trading above $2,540 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain strength if it clears the $2,750 resistance in the near term.
Ethereum Price Gains Strength
Ethereum price started a decent increase after Bitcoin traded to a new all-time high. ETH bulls were active near the $2,500 zone and the price climbed above the $2,600 resistance.
There was a move above the $2,620 and $2,650 levels. The price even spiked above $2,720. A high was formed at $2,731 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2,442 swing low to the $2,731 high.
Ethereum price is now trading above $2,675 and the 100-hourly Simple Moving Average. There is also a connecting 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 $2,740 level. The next key resistance is near the $2,750 level. The first major resistance is near the $2,800 level. A clear move above the $2,800 resistance might send the price toward the $2,840 resistance.
An upside break above the $2,840 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 $3,000 in the near term.
Are Dips Limited In ETH?
If Ethereum fails to clear the $2,750 resistance, it could start a fresh decline. Initial support on the downside is near the $2,675 level. The first major support sits near the $2,550 zone and the trend line. It is near the 61.8% Fib retracement level of the upward move from the $2,442 swing low to the $2,731 high.
A clear move below the $2,550 support might push the price toward the $2,500 support. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,420.
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 – $2,550
Major Resistance Level – $2,740
