Ethereum price rose above the $2,600 resistance level. ETH is outpacing Bitcoin and maintaining its upward trend above the $2,580 support level.
- Ethereum extended its gains above the $2,650 resistance zone.
- The price is trading above $2,550 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline with support at $2,590.
- A decline below the $2,580 support could trigger a downward correction.
Ethereum price, more attention on the rise
Ethereum price remained in positive territory above the $2,500 resistance line. ETH outperformed BTC and rose above the $2,650 resistance zone. A new multi-week high was made near $2,683 before the price corrected its upward trend.
There was movement below the $2,620 and $2,600 levels. The price tested the 23.6% Fib retracement level rising from the $2,245 swing low to the $2,683 high. Additionally, on the hourly chart of ETH/USD, there is a major bullish trendline with support at $2,590.
Ethereum is currently trading above $2,550 and the 100-hour simple moving average. In case of a fresh price increase, the price may face resistance near the $2,640 level. The next major resistance level is currently near $2,680. A clear break above the $2,680 level could lead ETH to $2,720. A break above the $2,720 resistance could push the price further into bullish territory.
Source: ETHUSD on TradingView.com
The next major resistance is near $2,780. If bulls push Ethereum above $2,780, there could be a rally towards $2,880. If more profits occur, the price may head towards the $3,000 area.
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 $2,590 level and trend line.
The first major support could be the $2,465 zone or the 50% Fib retracement level rising from the $2,245 swing low to the $2,683 high. A break below the $2,465 support could push the price lower. If indicated, Ether could test the $2,350 support. Any more losses could push the price down to the $2,220 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 – $2,465
Key Resistance Level – $2,680
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