Ethereum is holding steady above the $2,500 support area and the 100 hourly SMA against the US Dollar. If there is a clear break above $2,700, ETH price is likely to rally.
- Ethereum is trading in a positive zone above the $2,500 and $2,520 support levels.
- The price is now trading above $2,600 and the 100 hourly simple moving average.
- There was a break above a short-term contracting triangle with resistance near $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a steady rise if it breaks the $2,750 resistance area in the near term.
Ethereum price is showing positive signs
Yesterday, Ethereum moved above the $2,500 resistance area. ETH broke the $2,600 resistance area and settled well above it 100 hourly simple moving average.
The price was also trading near the $2,750 level and a high was formed near the $2,746 level. Recently, there was a downside correction below the $2,700 level. Ether declined on the upside of the 23.6% Fib retracement level of the $2,275 high from $2,746 high.
The price tested the $2,500 support area and 100 hourly simple moving average. It also tested the 50% Fib retracement level of the upward move from $2,275 low to $2,746 high.
Source: ETHUSD on TradingView.com
It is now rising and has reclaimed the $2,600 level. There was a break above a short-term contracting triangle with resistance near $2,600 on the hourly chart of ETH/USD. The pair is now facing resistance near the level of $2,650. The first major resistance is near the $2,700 level.
A major breakout resistance is now forming near the $2,750 level. Levels above the $2,750 level could start a major move towards the $2,850 level or $3,000 in the near term.
Supported Dips 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 $2,550 level.
Major support is now forming near the $2,500 level and the 100 hourly SMA. A break below $2,500 could put a lot of pressure on the bulls. The next major support is near the $2,450 level and a connecting Bullish trend line.
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 – $2,500
Key Resistance Level – $2,750