Ethereum price extended its rise above the USD 2,650 resistance. ETH is now correcting gains and could find bids near the $2,600 support.
- Ethereum is currently correcting gains from the USD 2,700 resistance.
- The price is trading above $2,600 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to stay above the $2,550 support to continue higher in the near term.
Ethereum price holds support
Ethereum price remained well supported and extended its gains, beating Bitcoin. ETH was able to break the USD 2,550 and USD 2,650 resistance levels. The bulls even pushed the price above the USD 2,680 resistance.
It tested the $2,700 zone. It reached a high at $2,701 and the price is now correcting gains. There was a decline below the USD 2,650 level. The price fell below the 23.6% Fib retracement level of the upward move from the $2,528 swing low to the $2,701 high.
Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $2,600 on the hourly chart of ETH/USD. The trendline is close to the 50% Fib retracement level of the upward move from the $2,528 swing low to the $2,701 high.
On the upside, the price seems to be facing hurdles around the USD 2,650 level. The first major resistance is around the $2,680 level. The next major resistance is near USD 2,700.
An upside break above the USD 2,700 resistance could call for more gains. In the mentioned case, Ether could rise towards the USD 2,780 resistance zone in the short term. The next hurdle is near the USD 2,840 or USD 2,880 level.
Lose more in ETH?
If Ethereum fails to clear the USD 2,650 resistance, it could continue to decline. The initial downside support is near $2,615. The first major support is near the $2,600 zone and the trendline zone.
A clear move below the USD 2,600 support could push the price towards USD 2,550. Any further losses could send the price towards the USD 2,525 support level in the near term. The next major support is at USD 2,450.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $2,600
Major resistance level – $2,650
