As of the time of writing, the price of Ethereum is $2,679.59. Ethereum price remains well-supported and extended its gains, beating Bitcoin. ETH managed to break above the $2,450 and $2,500 resistance levels. The bulls even pushed the price above the $2,500 resistance. The price is currently showing positive signs after recently breaking above the 76.4% Fib retracement level of the downward correction from the $2,633 swing high to $2,528 low.
Ethereum price started a fresh rise above the $2,500 resistance. ETH is currently accelerating above $2,600 and may continue to rise.
- Ethereum is rising again from the $2,400 resistance.
- The price is trading above $2,550 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $2,550 on the hourly chart of ETH/USD (data via Kraken ).
- The pair must break above the $2,650 resistance to continue higher in the short term.
Ethereum price rises over 5%
Ethereum price remains well supported and extended gains, beating Bitcoin. ETH managed to break above the $2,450 and $2,500 resistance levels. The bulls even pushed the price above the $2,500 resistance.
Recently, it broke above the 76.4% Fib retracement of the downward correction from the $2,633 swing high to $2,528 low Bit. The price is currently showing positive signs, trading above recent swing highs of $2,633.
Ethereum price is currently trading above $2,635 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing the $2,650 level or a swing high from $2,633 to $2,528 low The downwardly revised 1.236 Fib extends the barrier near the level. The first major resistance level is near $2,680. The next key resistance is near $2,720.
An upside break above the $2,720 resistance could bring more Much increase. In the above scenario, Ethereum may rise towards the $2,800 resistance zone in the short term. The next hurdle is located near $2,880 or $2,920.
Does ETH support the decline?
If Ethereum fails to break above the $2,650 resistance, it may start a downside correction. Initial support on the downside is near $2,590. The first major support is located near the $2,550 area and trendline area.
A clear break below the $2,550 support could push the price towards $2,525. Any further losses could push the price towards the $2,450 support in the near term. The next key support is located at $2,320.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Main Support – $2,525
Main Resistance – $2,650
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