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Ethereum price started to rise again above the USD 2,550 resistance. ETH follows Bitcoin’s rally, but lacks the same strength.
- Ethereum started a decent rise above the $2,600 zone.
- The price is trading above $2,550 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $2,520 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the USD 2,630 and USD 2,650 resistance levels.
Ethereum Price Begins Steady Rise
The price of Ethereum formed a base above the $2,450 level and started a new increase like Bitcoin. ETH climbed above the USD 2,500 and USD 2,550 resistance levels to move into a positive zone.
The price is up over 5% and there was a move above the USD 2,600 level. A high is formed at $2,630 and the price is showing positive signs. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high.
Ethereum price is now trading above $2,550 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $2,520 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 2,630 level. The first major resistance is around the $2,650 level. The main resistance is now forming around $2,720. A clear move above the USD 2,720 resistance could send the price towards the USD 2,880 resistance.
An upside break above the USD 2,880 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,950 resistance zone.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 2,650 resistance, it could initiate a downward correction. The initial downside support is near the $2,595 level. The first major support is near the $2,550 zone or the 50% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high.
A clear move below the USD 2,550 support could push the price towards USD 2,520. Any further losses could send the price towards the USD 2,450 support level in the near term. The next major support is at $2,320.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,550
Major resistance level – $2,650
Credit : www.newsbtc.com
