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Ethereum price is consolidating gains above the USD 2,580 resistance. ETH could gain momentum if it breaks the USD 2,650 resistance zone.
- Ethereum remained in a positive zone 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 major bullish trendline is forming with support near $2,600 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 aims for more benefits
Ethereum’s price held steady above the $2,550 pivot level, just like Bitcoin. ETH corrected some gains and tested the USD 2,550 support level. Recently, it started a fresh rise above the USD 2,580 and USD 2,600 resistance levels.
There was a move above the 50% Fib retracement level of the downward move from the $2,685 swing high to the $2,538 low. The bulls were able to push the price above the USD 2,620 resistance zone. Additionally, a major bullish trendline is forming with support near $2,600 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 2,650 level. It is close to the 76.4% Fib retracement level of the downward move from the $2,685 swing high to the $2,538 low.
The first major resistance is around the $2,685 level. A clear move above the USD 2,685 resistance could send the price towards the USD 2,750 resistance. An upside break above the USD 2,750 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,840 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 $2,600 level and the trendline. The first major support is near the $2,570 zone.
A clear move below the USD 2,570 support could push the price towards USD 2,550. Any further losses could send the price towards the USD 2,480 support level in the near term. The next major support is at $2,420.
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
