Ethereum extends gains above the $2,700 zone. ETH is currently adjusting the gains and may return to the support zone of $2,575.

  • Ethereum has started to surge again and has surpassed the resistance level of $2,700.

  • The price is trading above $2,620 and the 100-hour simple moving average.

  • There has been a breakout on the descending trendline connecting with the resistance at $2,450 on the hourly chart of ETH/USD (data from Kraken).

  • This pair could reach a price near $2,575 and start rising again in the near future.

Ethereum Price Starts Another Surge

The price of Ethereum remains supported and is starting to rise again above $2,550, surpassing Bitcoin. ETH is accelerating to break through the resistance zone of $2,620.

There has been a breakout on the descending trendline connecting with the resistance level at $2,450 on the hourly chart of ETH/USD. Buyers have managed to push the price above the resistance zone of $2,700. A high was formed at $2,736 and the price is currently adjusting the gains.

There was a slight decline below the 23.6% Fibonacci retracement level of the upward move from the low of $2,416 to the high of $2,736. However, buyers are still active above $2,620.

The price of Ethereum is currently trading above $2,640 and the 100-hour simple moving average. On the positive side, the price seems to face a barrier near the level of $2,720. The next significant resistance is near $2,735. The first major resistance is near $2,750.

A clear move above the resistance of $2,750 could push the price to the resistance of $2,840. A breakout above the resistance of $2,840 could lead to further gains in the upcoming sessions. In the mentioned case, Ether could rise to the resistance zone of $2,880 or even $2,950 in the near future.

Another Pullback for ETH?

If Ethereum fails to overcome the resistance of $2,720, it may begin a new downward correction. Initial support on the decline is near $2,600. The first main support is close to the $2,575 zone and the 50% Fib retracement level of the upward move from the swing low of $2,416 to the high of $2,736.

A clear move below the support of $2,575 could push the price down to the support of $2,500. Any further loss could push the price down to the support of $2,420 in the near future. The next important support level is at $2,350.

Technical Index:

• Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish territory.

• Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.

• Main support – $2,720

• Main resistance – $2,575