Ethereum price is aiming for a new rise like Bitcoin. For ETH to continue rising and reach new highs in the near term, it needs to break above $2,665.
- Ethereum is targeting a fresh rise above the $2,665 level.
- The price is trading above $2,620 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a bearish trend line connecting with resistance at $2,625.
- The pair needs to hold above the $2,600 support level to start a new rally in the near term.
Ethereum price, more attention on the rise
Ethereum price found support near the $2,550 level and, like Bitcoin, began a new rise. ETH was able to break the $2,600 resistance level, but had less upside compared to BTC.
The price crossed the 50% Fib retracement level moving down from the $2,700 swing high to the $2,554 low. Moreover, on the ETH/USD hourly chart, it broke the bearish trend line connecting the resistance level of $2,625.
Ethereum price is currently trading above $2,620 and the 100-hour simple moving average. On the other hand, the price appears to be facing a hurdle near the $2,665 level. This is close to the 76.4% Fib retracement level of the downward move from the $2,700 swing high to the $2,554 low.
The first major resistance is near the $2,700 level. The next major resistance is near $2,720. An uptick above the $2,720 resistance could lead to further gains in the coming sessions. If indicated, Ethereum may rise towards the $2,780 resistance area in the near term. The next hurdle is near $2,850, or $2,880.
ETH falling again?
If Ethereum fails to clear the $2,665 resistance, it could begin another downtrend. Initial support on the downside is near the $2,600 level and the 100-hourly simple moving average. The first major support is near the $2,550 area.
A clear decline below the $2,550 support could push the price towards $2,525. More losses could push the price towards the $2,480 support level in the near term. The next major support level is $2,440.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 area.
Key Support Level – $2,600
Key Resistance Level – $2,665