Ethereum started a fresh rise with the $2,550 support area against the US Dollar. ETH price is rising, and it is likely to move higher if it breaks $2,880.
- Ethereum is showing positive signs above the $2,750 resistance area.
- The price is well above the $2,700 support and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $2,750 on the hourly chart of ETH/USD (data feed via Kraken).
- If there is no break below the 100 hourly SMA and $2,700, the pair could start a strong rise.
Ethereum price is looking higher
Ethereum Begins After Retesting the Key Support Area of $2,550 fresh growth Above the $2,650 resistance area. ETH gained momentum above the $2,700 and $2,720 levels.
The price gained momentum above the 50% Fib retracement level of the decline from the $2,814 high to $2,548 low. There was also a break above a major bearish trend line with resistance near $2,750 on the hourly chart of ETH/USD.
The pair is now well above the $2,700 support and the 100 hourly simple moving average, on the contrary Bitcoin. Ether is also above the 76.4% Fib retracement level of the $2,548 low from $2,814 high. An immediate resistance is near the $2,814 high.
Source: ETHUSD on TradingView.com
The first major resistance is near the $2,850 level. The main hurdle is near the $2,880 level. A clear upside break above the $2,880 level could set the pace for a major upward move. In the specified case, the price could test the $3,000 level.
Supported Dips in ETH?
If Ethereum fails to clear the $2,800 and $2,850 resistance levels, it could start a downside correction. On the downside, an initial support is near the $2,750 level.
Major support is now forming near the $2,650 level and the 100 hourly SMA. A break below $2,650 and the 100 hourly SMA could open the doors for a bigger decline. The next major support is near the $2,550 area, below which the price is likely to move into a bearish zone.
hourly macd – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
hourly rsi – The RSI for ETH/USD is currently above the 50 level.
Key Support Level – $2,650
Key Resistance Level – $2,850