š Ethereum Builds Momentum ā Bulls Eye Explosive Upside Breakout
Above $2,450, Ethereum price rose again. ETH is back over $2,550 and may rise further.
Ethereum rose again over $2,550.
The price is above $2,575 and the 100-hour SMA.
On the hourly ETH/USD chart, a short-term rising channel with support around $2,570 is formed.
If supported over $2,520, the pair may rise again.
Ethereum Price Expects Growth
Like Bitcoin, Ethereum price rose beyond $2,450. ETH price moved over $2,550 barrier and entered a bullish zone.
Bulls broke $2,620 barrier. No upside extension occurred. Price made a peak around $2,636 and corrected. The 23.6% Fib retracement level of the $2,373 swing low to $2,636 high was approached.
Ethereum is over $2,560 and the 100-hour SMA. On the hourly ETH/USD chart, a short-term rising channel with support around $2,570 is formed.
Price may find resistance at $2,625 on the upside. Around $2,640 is the next major resistance. Near $2,650 is the first substantial resistance. A clean break over $2,650 might push the price above $2,720.
Above $2,720 barrier might lead to greater advances in the following sessions. Ether might soar to $2,750 or $2,800 in the short future.
Another ETH drop?
Ethereum may fall again if it fails to break $2,620. The downside has first support at $2,570. First significant support is around $2,520.
A decisive break below $2,520 might bring the price below $2,500. If losses continue, the price may reach $2,420 support. The next support is $2,350.
Tech Indicators
Hourly MACD - ETH/USD MACD is losing bullish momentum.
Hourly ETH/USD RSI is over 50.
Major Support: $2,520
Major Resistance: $2,620
