Ethereum has found support at the $2,320 level and has started to rise again. ETH is currently rising and may aim to surpass the $2,650 resistance area.

  • Ethereum began a significant price increase above the $2,450 and $2,500 levels.

  • The price is trading above the $2,500 level and the 100-hour simple moving average.

  • There has been a breakout on the descending trendline connecting with resistance at $2,530 on the hourly chart of ETH/USD (data from Kraken).

  • This currency pair may increase in value if it surpasses the $2,650 resistance in the near future.

Ethereum Price Regains Momentum

Ethereum price started to correct down below the $2,450 level, unlike Bitcoin. ETH is trading below the $2,400 and $2,350 support levels. However, buyers are still active near the $2,300 area.

A low was formed at $2,308 and the price began to rise again. There has been a move above the $2,450 and $2,500 levels. The price has surpassed the 61.8% Fib retracement level of the downward move from the high of $2,583 to the low of $2,308.

In addition, there has been a breakout on the descending trendline connecting with resistance at $2,530 on the hourly chart of ETH/USD. The Ethereum price is currently trading above $2,540 and the 100-hour simple moving average. The price is also above the 76.4% Fib retracement level of the downward move from the high of $2,583 to the low of $2,308.

The positive aspect is that the price may encounter resistance near the $2,580 level. The next important resistance is near the $2,600 level. The first major resistance is near the $2,650 level. A clear move above the $2,650 resistance could bring the price to the $2,720 resistance.

A breakout above the $2,720 resistance could require further increases in the coming sessions. In this stated case, Ether could rise to the resistance area of $2,780 or even $2,840 in the near future.

Another Decline for ETH?

If Ethereum does not surpass the $2,650 resistance level, it may begin a new decline. Initial support at the drop is near the $2,520 level. The first major support is near the $2,450 region.

A clear move below the $2,450 support could push the price down to the $2,420 support level. Any further losses could push the price down to the $2,320 support level in the near future. The next important support level is at $2,250.

Technical Indicator:

Hourly MACD – The MACD for ETH/USD is accelerating in the bullish zone.

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

Major support – $2,450

Major resistance – $2,650