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Ethereum price broke the $2,500 resistance level and started a new rise. ETH is up more than 5% and could continue rising if it breaks the $2,650 resistance.
- Ethereum started a new rally above the $2,500 and $2,550 resistance levels.
- 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 trend line forming with support near $2,52.
- A break above the $2,620 and $2,650 resistance levels could continue the upward move for the currency pair.
Ethereum price rises more than 5%
Ethereum price formed a base above the $2,400 level and began a new rise. ETH broke through the $2,450 and $2,500 resistance levels and entered positive territory, beating Bitcoin.
The bulls even pushed the price above the $2,600 level. A high was reached at $2,650 and the price is currently on an upward trend. The price is stable above the 23.6% Fib retracement level of the bullish wave from the $2,442 swing low to the $2,650 high.
Ethereum price is currently trading above $2,550 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a major bullish trend line forming with support near $2,52.
On the other hand, the price appears to be facing a hurdle near the $2,640 level. The first major resistance is near the $2,650 level. A clear break above the $2,650 resistance level could push the price towards the $2,720 resistance level. An upside break above the $2,720 resistance could lead to further gains in the coming sessions.
If indicated, Ethereum may rise towards the $2,800 resistance area in the near term. The next hurdle is near $2,880, or $2,920.
Another decline in ETH?
If Ethereum fails to clear the $2,650 resistance, it could begin another downtrend. Initial support for the downside is near the $2,600 level. The first major support is near the $2,520 zone and the low of the trend line or the 61.8% Fib retracement level of the $2,442 to $2,650 bullish wave.
A clear break below the $2,520 support could push the price towards $2,450. More losses could push the price towards the $2,400 support level in the near term. The next major support level is $2,350.
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 zone.
Key Support Level – $2,600
Key Resistance Level – $2,650