Ethereum price extended its uptrend above the $2,650 resistance level. ETH is currently correcting its uptrend and could find buying opportunities near the $2,600 support level.
- Ethereum is currently correcting its uptrend from the $2,700 resistance level.
- The price is trading above $2,600 and the 100 hourly simple moving average.
- According to data provided by Kraken, the hourly chart of ETH/USD shows a major bullish trend line forming with support at $2,600.
- The pair needs to remain above the $2,550 support level to continue its uptrend in the short term.
Ethereum Price Support Maintained
Ethereum price is still well supported and has extended its uptrend ahead of Bitcoin. ETH has broken through the resistance levels of $2,550 and $2,650. The bulls have even pushed the price above the resistance level of $2,680.
The $2,700 zone was tested. A high was formed at $2,701 and the price is currently correcting the uptrend. It fell below the $2,650 level. The price fell below the 23.6% Fibonacci correction level of the uptrend from the $2,528 swing low to the $2,701 high.
Ethereum price is currently trading above $2,600 and the 100-hourly simple moving average. There is also a major bullish trend line forming at $2,600 on the hourly chart of ETH/USD. The trend line is close to the 50% Fibonacci retracement level of the rise from the $2,528 swing low to the $2,701 high.
On the upside, the price seems to be facing a hurdle near the $2,650 level. The first major resistance is near the $2,680 level. The next major resistance is near $2,700.
A break above the $2,700 resistance level could generate more gains. In the event mentioned, Ether could rally to the $2,780 resistance level in the short term. The next hurdle is at the $2,840 level or near $2,880.
Is it possible to incur additional losses on ETH?
If Ethereum fails to break the $2,650 resistance, it could continue to decline. The initial support for the downtrend is near $2,615. The first major support is near the $2,600 area and the trendline area.
A clear move below the $2,600 support could see the price rise to $2,550. Further losses could see the price rise to the $2,525 support in the short term. The next major support is $2,450.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Key Support Level – $2,600
Key Resistance Level – $2,650