Ethereum price broke above the $2,450 mark, initiating a new round of upward movement. Currently, ETH has returned above $2,550 and may achieve further gains soon.
Ethereum has started to rise again, breaking through the $2,550 mark.
The price is above $2,575 and the 100-hour simple moving average.
On the ETH/USD hourly chart, a short-term ascending channel is forming, with support at $2,570 (data provided by Kraken).
If the currency pair can maintain above the $2,520 support level in the short term, it may begin a new round of upward movement.
Ethereum price is expected to rise further
The Ethereum price, like Bitcoin, began a new round of upward movement above the $2,450 area. The ETH price accelerated through the $2,550 resistance zone, entering positive territory.
The bulls successfully pushed the price above the $2,620 resistance level. However, there has not been an upward extension. The price formed a high near $2,636 and then retraced some of the gains. The price touched the 23.6% Fibonacci retracement level of the upward move from the low of $2,373 to the high of $2,636.
The Ethereum price is currently above $2,560 and the 100-hour simple moving average. Additionally, a short-term ascending channel is forming on the ETH/USD hourly chart, with support at $2,570.
On the upside, the price may face resistance around $2,625. The next key resistance level is around $2,640. The first major resistance level is around $2,650. If the price clearly breaks above the $2,650 resistance level, it may drop towards the $2,720 resistance level.
Breaking above the $2,720 resistance level may indicate more upward movement in the coming trading days. In this case, Ether may rise towards the $2,750 resistance level or even $2,800 in the short term.
Is ETH falling again?
If Ethereum fails to break above the $2,620 resistance level, it may initiate a new round of decline. The initial support level on the downside is around $2,570. The first major support level is around $2,520.
If the price clearly falls below the $2,520 support level, it may rise to the $2,500 support level. If the price declines further, it may drop towards the $2,420 support level in the short term. The next key support level is at $2,350.
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 above the 50 zone.
Major support level - $2,520
Major resistance level - $2,620
