Ethereum price has picked up momentum and moved above the $2,550 resistance zone. ETH is currently consolidating around $2,680 and is looking to rally further above $2,750.
- Ethereum has started a solid rise above the $2450 and $2550 levels.
- The price is trading above $2550 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed from Kraken) shows a key bullish trend line forming with support at $2,550.
- The pair can confidently grow if it breaks the resistance zone of $2720.
Ethereum Price Expected to Rise Further Above $2720
Ethereum price has started a steady upward movement above the $2450 resistance level. ETH has risen above the $2500 and $2550 resistance levels, as has Bitcoin above $58,000.
The price even broke the $2,650 resistance, but the gains were limited compared to BTC. The high was formed around $2,722, and the price is now consolidating the gains. It is still above the 23.6% Fibonacci retracement level of the upward move from the swing low of $2,311 to the high of $2,722.
Ethereum price is currently trading above $2,550 and the 100-hour simple moving average. There is also a key bullish trend line forming with support at $2,550 on the hourly ETH/USD chart. The trend line is close to the 100-hour simple moving average and the 50% Fibonacci retracement level of the uptrend from the $2,311 swing low to $2,722 high.
On the downside, the price is facing hurdles around the $2,700 level. The first major resistance is around the $2,720 level. A close above the $2,720 level could send Ether towards the $2,800 resistance. The next key resistance is around $2,865. A break above the $2,865 resistance could send the price higher towards the $3,000 resistance zone in the near term.
Are ETH’s declines limited?
If Ethereum fails to break the $2720 resistance, it may start a downward correction. The initial support on the downside is around $2620. The first major support is around the $2550 zone.
A clear move below the $2,550 support could push the price towards $2,450. Any further losses could push the price towards the $2,320 support level in the near future. The next key support is at $2,250.
Technical indicators
Hourly MACD – MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
The main support level is $2,550.
Main resistance level is $2720
