Ethereum has found support at $2,500 and started to rise again. ETH is currently increasing and may aim to break the $2,750 resistance area.

  • Ethereum starts to rise significantly above $2,550 and $2,620.

  • The price is trading above $2,540 and the 100-hour simple moving average.

  • There is a bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD (data provided via Kraken).

  • This currency pair could rise if it breaks the resistance level of $2,750 in the near future.

Ethereum Price Rises Sharply

The price of Ethereum started to rise significantly after Bitcoin reached a new all-time high. ETH buyers are active near the $2,500 area and the price has risen above the $2,600 resistance.

There is a move above $2,620 and $2,650. The price even surged above $2,720. A high was formed at $2,731 and the price is currently consolidating the gains above the 23.6% Fibonacci retracement level of the upward move from a swing low of $2,442 to a high of $2,731.

The price of Ethereum is currently trading above $2,675 and the 100-hour simple moving average. Additionally, there is a bullish trend line connecting with support at $2,550 on the hourly chart of ETH/USD.

The positive aspect is that the price may encounter resistance near $2,740. The next important resistance is around $2,750. The first major resistance is near $2,800. A clear move above the $2,800 resistance could take the price to the $2,840 resistance.

A breakout above the $2,840 resistance may require further gains in the upcoming sessions. In that case, Ether could rise to the $2,920 resistance area or even $3,000 in the near future.

Are Dips Limited in ETH?

If Ethereum fails to break the $2,750 resistance, it may start a new decline. Initial support on the downside is near $2,675. The first major support is near the $2,550 area and the trend line. It is close to the 61.8% Fib retracement level of the upward move from a swing low of $2,442 to a high of $2,731.

A clear move below the $2,550 support could push the price down to the $2,500 support. Any further losses could push the price down to the $2,450 support in the near future. The next important support level is at $2,420.

Technical Indicators

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

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

Key support level – $2,550

Major resistance level – $2,740