Ethereum price is consolidating gains above the $2,575 support. ETH could begin a major rally if it closes above the $2,700 resistance level.
- Ethereum is consolidating gains above the $2,575 support area.
- The price is trading above $2,620 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a short-term breakout pattern forming with resistance at $2,640.
- If it stays above the $2,575 support area, it could start a new rally.
Ethereum price aims for another increase.
Ethereum price surpassed the $2,600 level and was trading near the $2,700 resistance zone. ETH traded as high as $2,681 before beginning a downward correction.
It moved below the $2,640 and $2,620 levels. The price fell below the 23.6% Fib retracement level, rising from the $2,472 swing low to the $2,681 high, similar to Bitcoin. However, the uptrend was active near $2,600.
Ethereum found support at $2,600 and is currently attempting a fresh hike. It is currently trading above $2,620 and the 100-hour simple moving average.
Immediate resistance is near the $2,640 level. There is also a short-term breakout pattern on the hourly chart of ETH/USD with resistance forming at $2,640. 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.
Another drop in ETH?
If Ethereum fails to clear the $2,640 resistance, it could begin another downtrend. Initial support for the downside is near the $2,620 level.
The next major support could be the $2,600 zone. A clear move below the $2,600 support could point the price toward $2,575 or the 50% Fib retracement level rising from the $2,472 swing low to the $2,681 high. Key support could be $2,550 or the 100-hour SMA. Any more losses could push the price down to the $2,440 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,600
Key Resistance Level – $2,640
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