Ethereum price found support at $2,320 and opened a new round of rising. ETH is currently in an upward trend, with hopes of breaking through the $2,650 resistance level.
Ethereum has started to rise sharply, breaking through the levels of $2,450 and $2,500.
The price is trading above $2,500 and the 100-hour simple moving average.
On the ETH/USD hourly chart, it broke through the connecting bearish trend line, with resistance at $2,530 (data provided by Kraken).
If this currency pair breaks through the $2,650 resistance level in the short term, it may strengthen.
Ethereum price regains momentum
Unlike Bitcoin, Ethereum price started a downward correction below $2,450. ETH traded below the support levels of $2,400 and $2,350. However, bulls are active around the $2,300 area.
The price formed a low at $2,308 and then began a new round of rising. The price broke through the levels of $2,450 and $2,500. The price broke through the 61.8% Fibonacci retracement level of the downward trend from the swing high of $2,583 to the low of $2,308.
Additionally, on the ETH/USD hourly chart, it broke through the connecting bearish trend line (with resistance at $2,530). The Ethereum price is currently trading above $2,540 and the 100-hour simple moving average. The price is also above the 76.4% Fibonacci retracement level of the downward trend from the swing high of $2,583 to the low of $2,308.
On the upside, the price may encounter resistance around $2,580. The next key resistance level is around $2,600. The first major resistance level is around $2,650. If the price clearly breaks through the $2,650 resistance level, it may drop towards the $2,720 resistance level.
Breaking through the $2,720 resistance level could indicate more upward movement in the coming trading days. In this case, Ethereum could rise towards the $2,780 resistance level in the short term, or even $2,840. Will ETH drop again?
If Ethereum fails to break through the $2,650 resistance level, it may open a new round of decline. The initial support level on the downside is around $2,520. The first major support level is around $2,450.
If the price clearly drops below the $2,450 support level, it may rise to the $2,420 support level. If the price falls further, it could drop towards the $2,320 support level in the short term. The next key support level is at $2,250.
Technical Indicators
Hourly MACD - The MACD for ETH/USD is gaining momentum in the bullish area.
Hourly RSI - The RSI for ETH/USD is now above the 50 area.
Major support level - $2,450
Major resistance level - $2,650