Ethereum price is attempting a new rise beyond the $2,550 level. ETH may continue to rise as long as it does not fall below the $2,525 support level.
- Ethereum is attempting a new rise above the $2,520 level.
- The price is trading above $2,520 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 $2,540.
- A break above the $2,600 and $2,620 resistance levels could continue the upward move for the currency pair.
Ethereum price maintains support
Ethereum price held well above the $2,450 level. ETH outperformed Bitcoin and started a new rally above the $2,500 resistance zone.
There was movement above the $2,550 resistance line and the 100-hour simple moving average line. The price even surpassed the $2,600 level before a downward trend occurred. A high was made near $2,614 and the price is currently correcting to the upside. There was slight movement below the 23.6% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high.
Ethereum is still trading above $2,520 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a connecting bullish trend line with support at $2,540. It is close to 50% of the Fib retracement level, rising from the $2,471 swing low to the $2,614 high.
Meanwhile, the price is finding resistance near $2,600. The next major resistance level is currently near $2,620. A clear break above the $2,620 level could initiate a significant rally. If specified, the price could rise to the $2,665 level.
Source: ETHUSD on TradingView.com
A major breakout zone is currently forming near the $2,710 zone. A break above the $2,710 resistance could initiate another major rally. The next major resistance is near $2,780. More gains could lead the price towards the $2,880 area.
A new downtrend for ETH?
If Ethereum fails to clear resistance at $2,620, it could begin another downtrend. Initial support for the downside is near the $2,550 level and trend line.
The next major support could be the $2,500 zone. A break below the $2,500 support could push the price lower. If indicated, Ether could test the $2,450 support. Any more losses could push the price down to the $2,350 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 – $2,540
Key Resistance Level – $2,620
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