Ethereum gained momentum above the $2,550 resistance area against the US Dollar. ETH price is trading in a positive zone and it could rally if it breaks the $2,750 resistance.
- Ethereum is slowly rising and it broke the key $2,500 resistance area.
- The price is now trading above $2,500 and the 100 hourly simple moving average.
- There is a major rising channel forming with support near $2,640 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could turn bullish if it breaks the main $2,750 resistance area in the near term.
Ethereum price is rising
Ethereum begins a nice upward move from $ 2,400 support area. ETH climbed above the $2,480 and $2,500 resistance levels. There was also a clear break above the $2,650 resistance area.
A high was formed near $2,746 before the price started declining. Broken below the $ 2,700 and $ 2,650 levels. Ether declined from the $2,277 low to $2,746 high with the 23.6% Fib retracement level of the downside.
It is now trading above $2,500 and 100 hourly simple moving average. There is also a major rising channel forming with support near $2,640 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, an immediate resistance is near the $2,700 level. The first major resistance is near the $ 2,750 level and is recently high. A level above the $ 2,750 level may initiate a large increase toward the $ 2,850 level. The next major resistance is near the $3,000 area.
Dips Limited in ETH?
If Ethereum fails to clear the $2,700 and $2,750 resistance levels, it could start a downside correction. On the downside, an initial support is near the $2,600 area and the channel trend line.
A negative break below the channel support could push the price towards $ 2,500 support and a 100-hour moving average. A 50% Fibonacci retreatment from a low of $ 2,277 to a high of $ 2,746 is also close to the $ 2,510 level. The next major endorsement is near $ 2,450. Any further losses could move the price to a support level of $ 2,400 in the short term.
hourly macd – The MACD for ETH / USD is slowly gaining momentum in the booming sector.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Key Support Level – $2,500
Major Resistance Level – $ 2,750