๐ Ethereum Breaks $2,550 โ But Is a Pullback Around the Corner?
Ethereum price rose from $2,375. ETH is back over $2,550 and fighting to break $2,620.
Ethereum rose again over $2,550.
The price is over $2,550 and the 100-hour SMA.
The hourly ETH/USD chart shows a short-term contracting triangle with support near $2,560.
If it stays over $2,550, the pair may rise again.
Ethereum Price Rises
Like Bitcoin, Ethereum price rose from $2,375. ETH price moved over $2,500 barrier and entered a bullish zone.
Bulls broke the 76.4% Fib retracement barrier of the decline from $2,523 swing high to $2,372 low. It broke the $2,550 barrier zone and rose past $2,600. Price is holding gains after hitting $2,614 high.
Ethereum is over $2,550 and the 100-hour SMA. The hourly ETH/USD chart shows a short-term contracting triangle with support near $2,560.
Price may find resistance at $2,615 on the upside. It is close the 1.618 Fib extension of the $2,523 swing high to $2,372 low downward move. Around $2,650 is the next major resistance. Near $2,665 is the first substantial resistance. A clean break over $2,665 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 $2,615 barrier. Near $2,560 is first downside support. First significant support is around $2,550.
A decisive break below $2,550 might bring the price toward $2,520. If losses continue, the price may reach $2,450 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: $2,550
Major Resistance: $2,615
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