Ethereum price continues to rise, breaking through the $2,700 area. Currently, ETH is correcting gains and may retest the support level of $2,575.

  • Ethereum starts a new round of upward movement, breaking the resistance level of $2,700.

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

  • On the ETH/USD hourly chart, it broke through the connecting bearish trendline, with resistance at $2,450 (data provided by Kraken).

  • The currency pair may find a buy price near $2,575 and start a new round of upward movement in the short term.

Ethereum price resumes its upward movement

Ethereum price continues to gain support and breaks through $2,550, starting a new round of upward movement, surpassing Bitcoin. ETH is expected to break through the resistance level of $2,620.

On the ETH/USD hourly chart, the price broke through the resistance level of $2,450, connecting the bearish trendline. The bulls successfully pushed the price above the resistance level of $2,700. The price formed a high at $2,736 and is currently correcting the gains.

A slight decline occurred below the 23.6% Fibonacci retracement level of the upward movement from the low of $2,416 to the high of $2,736. However, the bulls remain active above $2,620.

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

If it can clearly break through the resistance level of $2,750, it may push the price down to the resistance level of $2,840. If it can break through the resistance level of $2,840, it may bring more upward momentum in the coming trading days. In this case, Ethereum may rise to the resistance level of $2,880 in the short term, or even $2,950.

Is ETH pulling back again?

If Ethereum fails to break through the resistance level of $2,720, it may open a new round of downward correction. The initial support level on the downside is around $2,600. The first major support level is near the $2,575 area, as well as near the 50% Fibonacci retracement level of the upward movement from the low of $2,416 to the high of $2,736.

If the price clearly drops below the support level of $2,575, it may push down to the support level of $2,500. If the price continues to fall, it may drop to the support level of $2,420 in the short term. The next key support level is at $2,350.

Technical indicators

Hourly MACD - The MACD of ETH/USD is losing momentum in the bullish area.

Hourly RSI - The RSI of ETH/USD is now above the 50 area.

Major support level - $2,720

Major resistance level - $2,575