$ETH The price of Ethereum has started a new increase above the $2,350 level. Ethereum has now risen by more than 35%, consolidating its gains near the $2,500 level.
Ethereum has started a new increase above the resistance level of $2,350.
The price is trading above the $2,400 level and its simple moving average over 100 hours.
A connected upward trend line is forming with support at the $2,480 level on the hourly chart for the Ethereum/USD pair (data from Kraken).
The pair may continue to rise if it breaks the resistance level of $2,600.
The price of Ethereum is rising and surpassing the $2,500 level.
The price of Ethereum has remained supported and started a new increase above the $2,200 level, outperforming Bitcoin. Ethereum gained momentum to move above the resistance level of $2,350.
Bulls managed to push the price above the resistance area of $2,500. The price has risen more than 35% and recently surpassed the resistance area of $2,550. A peak was formed at $2,606, and the price is now consolidating its gains. There was a slight decline below the 23.6% Fibonacci retracement level of the upward movement from the swing low of $2,272 to the high of $2,606.
The price of Ethereum is now trading above $2,500 and the simple moving average for 100 hours. Additionally, there is a connected upward trend line forming with support at $2,480 on the hourly chart for the ETH/USD pair.
On the upside, it appears that the price is facing obstacles near the $2,550 level. The next major resistance is near the $2,600 level. The first major resistance is near the $2,620 level. A clear move above the resistance level of $2,620 could push the price towards $2,650.
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