After gaining key support at $2,550, Ethereum's price has initiated a new round of upward movement, currently up over 5%, and is approaching the important resistance level of $2,800. Market data shows that ETH has successfully broken through the two key levels of $2,550 and $2,720, with a strong short-term trend. The current price is running near $2,720, close to the 100-hour simple moving average, indicating that bullish momentum is strengthening. A new connecting bullish trend line has formed on the ETH/USD hourly chart, with support at $2,610 (data source: Kraken).
If ETH successfully breaks through the resistance area of $2,800 in the short term, it is expected to further drive the upward trend, initiating a new round of upward movement, and investors should pay attention to the breakout of this key level.
Ethereum's price has risen over 5%.
Ethereum's price has started a new round of increase from the support level of $2,550, surpassing Bitcoin. The ETH price has successfully risen above the resistance levels of $2,620 and $2,650.
The price even broke above the level of $2,720. However, bears are active near the resistance level of $2,785. Currently, the price is consolidating its gains, having broken through the 23.6% Fibonacci retracement level (from the low of $2,610 to the high of $2,787).
Ethereum's price is currently trading near $2,720 and the 100-hour simple moving average. On the ETH/USD hourly chart, a new connecting bullish trend line is forming, with support at $2,610.
On the upside, the price may face resistance near $2,780. The next key resistance level is near $2,800. The first major resistance level is around $2,780. If the price clearly breaks through the resistance level of $2,840, it may decline towards the resistance level of $2,880.
Breaking through the resistance level of $2,800 may indicate more upward movement in the coming trading days. In this case, Ether may rise towards the resistance level of $2,920 in the short term, or even $2,950.
Is ETH experiencing a downward correction?
If Ethereum fails to break through the resistance level of $2,780, it may initiate a new round of decline. On the downside, initial support is around $2,700. The first major support level is around $2,650. This support level is close to the 76.4% Fibonacci retracement of the upward move from the low of $2,610 to the high of $2,787.
If the price clearly drops below the support level of $2,650, it may push up to the support level of $2,610. If the price declines further, it may fall towards the support level of $2,550 in the short term. The next key support level is at $2,500.
Technical indicators
Hourly MACD - The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI - The RSI for ETH/USD is now above the 50 area.
Major support level - $2,700.
Major resistance level - $2,780.