Ethereum price rose more than 5% and headed towards $2,700. ETH is consolidating gains and could target a move towards $2,800 or $3,000.
- Ethereum is consolidating gains below the $2,700 resistance zone.
- The price is trading above $2,600 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a bullish flag pattern with resistance at $2,500.
- If it stays above the $2,630 support area, it could start a new rally.
Ethereum price begins a new surge
Ethereum price remained stable above the $2,420 resistance level. ETH outperformed Bitcoin by forming a base and starting a new rally above the $2,500 resistance level.
On the ETH/USD hourly chart, a breakout occurred above a bullish flag pattern with resistance at $2,500. The pair rose more than 5% and there was a clear move above the $2,600 resistance. It even rose to the $2,700 level. The highest price was reached around $2,681 and the price continues to rise.
It fell slightly below the $2,660 level. Ethereum is still trading above the 23.6% Fib retracement level of the recent rally from the $2,472 swing low to the $2,681 high. It is also trading above $2,620 and the 100-hour simple moving average.
Any new increases could send prices skyrocketing above the $2,660 level. On the positive side, the first major resistance is near the $2,680 level. The next major resistance is near $2,720, above which the price could rise to test the $2,800 resistance.
Source: ETHUSD on TradingView.com
If the uptrend continues, the price may rise above the $2,800 resistance. If specified, the price could go up to the $3,000 level.
Are dips limited in ETH?
If Ethereum fails to clear the resistance at $2,680, a downward correction could begin. Initial support for the downside is near the $2,630 level.
The next major support could be the $2,600 zone. A clear move below the $2,600 support could push the price down to $2,575 or the 50% Fib retracement level of the recent rally from the $2,472 low to the $2,681 high. Key support could be at $2,520 or the 100-hour SMA. Any more losses could push the price down to the $2,400 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,630
Key Resistance Level – $2,680
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