Ethereum's price continues to rise, breaking through the $2,700 area. Currently, ETH is correcting its gains and may retest the support level of $2,575.
Ethereum starts a new round of increases, breaking through the resistance level of $2,700.
Price is above $2,620 and the 100-hour simple moving average.
On the ETH/USD hourly chart, it broke through the connection of the bearish trendline, with resistance at $2,450 (data provided by Kraken).
The currency pair may find a buy price near $2,575 and begin a new round of increases in the short term.
Ethereum's price resumes upward movement
Ethereum's price continues to gain support and breaks above $2,550, initiating a new round of increases, surpassing Bitcoin. ETH is expected to break the resistance level of $2,620.
On the ETH/USD hourly chart, the price broke through the resistance level at $2,450 connecting the bearish trendline. The bulls successfully pushed the price above the resistance level of $2,700. The price formed a peak at $2,736 and is currently correcting its gains.
A slight decline occurred below the 23.6% Fibonacci retracement level of the upward move from the swing low of $2,416 to the high of $2,736. However, bulls remain active above $2,620.
Ethereum's price is currently trading above $2,640 and the 100-hour simple moving average. On the upside, the price seems to face resistance near $2,720. The next key resistance level is around $2,735. The first major resistance level is near $2,750.
If a clear break above the resistance level of $2,750 occurs, it may drive the price towards the resistance level of $2,840. If the $2,840 resistance level is broken, more upward movement may be expected in the coming trading days. In this scenario, Ethereum might rise to the resistance level of $2,880 in the short term, or even $2,950.
ETH Pullback Again?
If Ethereum fails to break through the resistance level of $2,720, it may initiate a new round of downward correction. The initial support level on the downside is around $2,600. The first major support level is near the $2,575 area, as well as near the 50% Fibonacci retracement level of the upward move from the low of $2,416 to the high of $2,736.
If the price clearly breaks below the support level of $2,575, it may rise towards the support level of $2,500. If the price falls further, it may head towards the support level of $2,420 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 area.
Major Support Level - $2,720
Major Resistance Level - $2,575