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Ethereum price is solidifying its upward trend above the $2,580 resistance level. ETH could pick up speed if it breaks out of the $2,650 resistance area.
- Ethereum remained in positive territory above the $2,550 and $2,580 resistance levels.
- The price is trading above $2,600 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trend line forming with support near $2,600.
- A break above the $2,650 and $2,680 resistance levels could continue the upward move for the currency pair.
Ethereum price aims for further rises
Ethereum price, like Bitcoin, remained stable above the $2,550 pivot level. ETH corrected some gains and tested the $2,550 support level. Recently, it started a new rally above the $2,580 and $2,600 resistance levels.
There was a move above the 50% Fib retracement level with a downward move from the $2,685 swing high to the $2,538 low. The bulls could push the price above the $2,620 resistance zone. Moreover, on the hourly chart of ETH/USD, there is a major bullish trend line forming with support near $2,600.
Ethereum price is currently trading above $2,600 and the 100-hour simple moving average. On the other hand, the price appears to be facing a hurdle near the $2,650 level. This is close to the 76.4% Fib retracement level of the downward move from the $2,685 swing high to the $2,538 low.
The first major resistance is near the $2,685 level. A clear break above the $2,685 resistance level could push the price towards the $2,750 resistance level. An upside break above the $2,750 resistance could lead to further gains in the coming sessions. If indicated, Ethereum may rise towards the $2,840 resistance area in the near term. The next hurdle is near $2,880, or $2,920.
Another decline in ETH?
If Ethereum fails to clear the $2,650 resistance, it could begin another downtrend. Initial support for the downside is near the $2,600 level and trend line. The first major support is near the $2,570 area.
A clear break below the $2,570 support could push the price towards $2,550. More losses could push the price towards the $2,480 support level in the near term. The next major support level is $2,420.
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 area.
Key Support Level – $2,550
Key Resistance Level – $2,650