Ethereum price has started a new rise above the $2,500 resistance. ETH is currently gaining momentum above $2,600 and could continue to rise.
- Ethereum started another rally from the resistance at $2,400.
- The price is trading above $2,550 and the 100-hour simple moving average.
- A key bullish trend line is forming with support at $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must break through the $2,650 resistance to continue rising in the near future.
Ethereum price increased by more than 5%
Ethereum price remained well supported and continued to rise, outperforming Bitcoin. ETH was able to break through the resistance levels of $2,450 and $2,500. The bulls even pushed the price above the $2,500 resistance.
It was recently able to surpass the 76.4% Fibonacci retracement level of the downward retracement from the $2,633 swing high to $2,528 low. The price is now showing positive signs and is trading above the recent swing high of $2,633.
Ethereum price is currently trading above $2,635 and the 100-hour simple moving average. A key bullish trend line is also forming with support at $2,550 on the hourly ETH/USD chart.
On the downside, the price appears to be facing headwinds near the $2,650 level or the 1.236 Fibonacci extension level as part of a downward correction from the $2,633 swing high to $2,528 low. The first serious resistance is near the $2680 level. The next key resistance is around $2720.
A break above the $2,720 resistance could lead to further gains. In the said case, Ether may rise to the $2,800 resistance zone in the near future. The next hurdle is at $2880 or $2920.
Are dips supported in ETH?
If Ethereum fails to break through the $2,650 resistance, it could begin a downward correction. Initial downside support is around $2,590. The first major support is near the $2550 zone and the trendline area.
A clear move below the $2,550 support could push the price towards $2,525. Any further losses could push the price towards the $2,450 support level in the near future. The next key support is at $2320.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
The main support level is $2,525.
The main resistance level is $2,650.