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The Ethereum price found support near USD 2,350 and started a new increase. ETH is rising and could aim for a move above the USD 2,580 resistance.
- Ethereum started a new rise above the USD 2,500 resistance zone.
- The price is trading above $2,500 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $2,460 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it breaks above $2,580 and $2,620.
Ethereum price starts to rise again
The price of Ethereum found support near $2,350 and, like Bitcoin, started a new rise. ETH was able to climb above the USD 2,420 and USD 2,450 resistance levels to move into a positive zone.
It cleared the 50% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low. Additionally, there was a break above a key bearish trendline with resistance at $2,460 on the hourly chart of ETH/USD.
The Ethereum price is now trading above $2,500 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.
On the upside, the price seems to be facing hurdles around the USD 2,580 level. The first major resistance is around the $2,620 level. The main resistance is now forming around $2,650. A clear move above the USD 2,650 resistance could send the price towards the USD 2,720 resistance.
An upside break above the USD 2,720 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,750 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 2,620 resistance, it could trigger another decline. The initial downside support is near the $2,520 level. The first major support is near the $2,500 zone.
A clear move below the USD 2,500 support could push the price towards USD 2,450. Any further losses could send the price towards the USD 2,320 support level in the near term. The next major support is at USD 2,350.
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 – $2,450
Major resistance level – $2,620
