The Ethereum price starts a new round of upward movement above $2,750. ETH is currently correcting its gains and may test the support level of $2,680.
Ethereum starts to rise again, breaking the $2,800 mark.
The price trades above $2,750 and the 100-hour simple moving average.
On the ETH/USD hourly chart, it broke below a key bullish trend line, with support at $2,800 (data provided by Kraken).
If the currency pair stays above the support level of $2,680 in the short term, it may start a new round of upward movement.
Ethereum price corrects its gains
After finding support near $2,550, the Ethereum price starts a new round of upward movement, surpassing Bitcoin. ETH price successfully breaks the resistance levels of $2,650 and $2,720.
Bulls push the price above $2,800. ETH even surged above $2,850. The price formed a peak at $2,880 and is currently correcting its gains. The price broke below the 23.6% Fibonacci retracement level of the upward trend from the low of $2,483 to the high of $2,880.
Additionally, on the ETH/USD hourly chart, it broke through a key bullish trend line, with support at $2,800. The Ethereum price is currently trading above $2,750 and the 100-hour simple moving average.
On the upside, the price may face resistance near $2,800. The next key resistance level is around $2,840. The first major resistance level is near $2,880. If the price clearly breaks above the resistance level of $2,880, it may fall towards the resistance level of $2,920.
Breaking the resistance level of $2,920 may indicate more increases in the coming trading days. In this case, Ethereum may rise towards the resistance level of $3,000 in the short term, or even $3,120.
Will ETH's losses be even greater?
If Ethereum fails to break the resistance level of $2,820, it may trigger a new round of declines. Initial support in the downside direction is around $2,755. The first major support level is near the area of $2,680, as well as near the 50% Fibonacci retracement level of the upward trend from the low of $2,483 to the high of $2,880.
If the price clearly breaks below the support level of $2,680, it may push up to the support level of $2,620. If the price drops 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 losing momentum in the bullish zone.
Hourly RSI - The RSI for ETH/USD is now below the 50 zone.
Main support level - $2,680
Main resistance level - $2,880
