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Ethereum price began a new rise above the $2,580 resistance level. ETH is still far from its all-time highs and Bitcoin is close to its ATH.
- Ethereum started a significant increase above the $2,620 area.
- The price is trading above $2,580 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a connecting bullish trendline with support at $2,530.
- A break above the $2,650 and $2,680 resistance levels could continue the upward move for the currency pair.
Ethereum price rises slowly
Ethereum price formed a base above the $2,465 level and began a new Bitcoin-like upward trend. ETH broke above the $2,550 and $2,580 resistance levels and entered positive territory.
The price rose more than 5% and surpassed the $2,620 level. A high was made at $2,680 and the price is struggling to keep up with Bitcoin’s strength. The price corrected its advance and traded below the 23.6% Fib retracement level, rising from the $2,488 swing low to the $2,680 high.
Ethereum price is currently trading above $2,600 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a connecting bullish trendline with support at $2,530.
On the other hand, the price appears to be facing a hurdle near the $2,650 level. The first major resistance is near the $2,680 level. Major resistance is currently forming near $2,720. A clear break above the $2,720 resistance level could push the price towards the $2,915 resistance level.
An uptick above the $2,915 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise towards the $3,000 resistance zone.
Fixing ETH’s shortcomings?
If Ethereum fails to clear the resistance at $2,680, a downward correction could begin. Initial support for the downside is near the $2,600 level. The first major support lies near the $2,560 zone or the 61.8% Fib retracement level of the rise from the $2,488 swing low to the $2,680 high.
A clear break below the $2,600 support could push the price towards $2,550. More losses could push the price towards the $2,530 support level in the near term. The next major support level is $2,450.
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 zone.
Key Support Level – $2,600
Key Resistance Level – $2,680