Ethereum price returns to support level

The price of Ethereum, like Bitcoin, has started a new round of upward movement above the $2,550 area. The ETH price accelerated past the $2,565 resistance zone, entering positive territory.

Bulls successfully pushed the price above the 61.8% Fibonacci retracement level of the downward trend from the $2,636 swing high to the $2,475 swing low. However, bears remain active near the $2,600 resistance level, preventing further gains.

The price encountered resistance near the 76.4% Fibonacci retracement level of the downward trend from the $2,636 swing high to the $2,475 swing low. The current price of Ethereum is below $2,550 and the 100-hour simple moving average.

ETH is currently testing the support level of $2,520. On the ETH/USD hourly chart, a key bullish trend line is also forming, with support at $2,530. On the upside, the price may face resistance around $2,550.

The next key resistance level is near $2,580. The first major resistance level is around $2,600. If the price breaks clearly above the $2,600 resistance level, it may drop towards the $2,650 resistance level.

Breaking above the $2,650 resistance level could indicate further gains in the coming trading days. In this case, Ether may rise towards the $2,720 resistance level, or even $2,800, in the short term.