๐ Ethereum Builds Momentum โ Will It Fuel a Fresh Upside Move?
Ethereum sold down again and touched $2,450. $ETH is reversing losses and may break $2,620 barrier.
Ethereum fell below $2,750 again.
The 100-hourly Simple Moving Average and $2,575 are nearby.
ETH/USD broke above a contracting triangle with resistance at $2,550 on the hourly chart.
If it breaks $2,620, the pair may rise again.
Eth Price Recovers
Like Bitcoin, Ethereum fell below $2,750 and $2,620. Even below $2,500, ETH tested $2,440.
The price began recovering from a $2,441 low. Prices rose beyond $2,500 and $2,520. The price broke the 23.6% Fib retracement level of the $2,880 swing high to $2,441 low decline.
Additionally, ETH/USD broke above a contracting triangle with resistance around $2,550 on the hourly chart. Ethereum is at $2,575 and the 100-hour SMA.
Price may find resistance at $2,585 on the upside. Around $2,620 is the next major resistance. Near $2,660 is the first substantial resistance. It is around the 50% Fib retracement of the $2,880 swing high to $2,441 low decline.
A clean break over $2,660 might push the price above $2,720. Above $2,720 barrier might lead to greater advances in the following sessions. Ether may soar to $2,800 or $2,880 soon.
Another ETH drop?
Ethereum may fall again if it fails to break $2,620. Around $2,540 is first downside support. The first substantial donation is about $2,500.
A decisive break below $2,500 might bring the price near $2,440. If losses continue, the price may reach $2,420 support. The next support is $2,350.
Tech Indicators
Hourly ETH/USD MACD is rising in the positive zone.
Hourly ETH/USD RSI is over 50.
Major Supportโ$2,500
Major Resistance: $2,620
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