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Ethereum price is consolidating gains above the USD 2,550 resistance. ETH could gain momentum if it breaks the USD 2,650 resistance zone.
- Ethereum started a fresh rise above the USD 2,550 and USD 2,580 resistance levels.
- The price is trading above $2,600 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support near $2,610 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the USD 2,650 and USD 2,680 resistance levels.
Ethereum price has more upsides
Ethereum’s price held steady above the $2,550 pivot level, just like Bitcoin. ETH managed to break the USD 2,600 and USD 2,620 resistance levels. The price even peaked above $2,650 before a downward correction took place.
The price is rising again and is trading above the USD 2,600 level. The bulls were able to break the 50% Fib retracement level of the downside wave from the $2,685 swing high to the $2,538 low. A connecting bullish trendline is also forming with support near $2,610 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 2,635 level. The first major resistance is near the $2,650 level or the 76.4% Fib retracement level of the downwave from the $2,685 swing high to the $2,538 low.
A clear move above the USD 2,650 resistance could send the price towards the USD 2,680 resistance. An upside break above the USD 2,680 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,750 resistance zone in the short term. The next hurdle is near the USD 2,880 or USD 2,920 level.
Another drop in ETH?
If Ethereum fails to clear the USD 2,650 resistance, it could trigger another decline. The initial downside support is near the $2,610 level and the trendline. The first major support is near the $2,575 zone.
A clear move below the USD 2,575 support could push the price towards USD 2,550. Any further losses could send the price towards the USD 2,475 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 losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,575
Major resistance level – $2,650
