Ethereum price rose above the resistance level of $2,450. ETH has outpaced Bitcoin and appears poised for a bigger rise to $2,880.
- Ethereum is gaining speed by breaking above the $2,450 resistance level.
- The price is trading above $2,500 and the 100-hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), a breakout occurred above the main rising channel with resistance near $2,440.
- The pair is already up more than 5% and could rise further above the $2,650 resistance.
Ethereum price rising
Ethereum price broke above the $2,350 resistance level and began a significant rise. Recently, a spot ETF for BTC was approved. However, Bitcoin did not show a significant upward trend, but ETH gained bullish momentum.
On the hourly chart of ETH/USD, a breakout occurred above the main ascending channel with resistance near $2,440. The pair surged more than 5% and even cleared the $2,500 resistance area. A spike occurred above the $2,600 resistance zone. A new multi-week high was made around $2,642 and the price is currently on an upward trend.
Although there was a slight decline below $2,600, Ethereum remained above the 23.6% Fib retracement level of the recent rally from the $2,346 swing low to the $2,642 high. Ethereum is currently trading above $2,500 and the 100-hour simple moving average.
In case of a fresh price hike, the price may face resistance near the $2,650 level. The next major resistance level is currently near $2,720. A clear break above the $2,720 level could lead ETH to $2,780. A break above the $2,780 resistance could push the price further into bullish territory.
Source: ETHUSD on TradingView.com
The next major resistance is near $2,840. If the bulls push Ethereum above $2,840, there could be an upward trend towards $2,920. If more profits occur, the price may head towards the $3,000 area.
Are Dips limited to ETH?
If Ethereum fails to clear the resistance at $2,650, a downward correction could begin. Initial support for the downside is near the $2,580 level.
The first major support could be the $2,500 zone or the 50% Fib retracement level of the recent rally from the $2,346 swing low to the $2,642 high. If a downside is discovered and it closes below $2,500, the price may go lower. If indicated, Ether could test the $2,440 support. Any more losses could push the price down to the $2,350 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 – $2,500
Key Resistance Level – $2,650
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