Ethereum is showing a positive signal above the $2,500 level against the US Dollar. ETH price is likely to move higher above $2,650 and it could retest $2,800.
- Ethereum started a steady rise above the $2,500 resistance and $2,550.
- The price is now trading above $2,500 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $2,480 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to climb further above $2,650 and $2,700 in the near term.
Ethereum price rises
Ethereum formed a base above the $2,350 level and started a fresh rise. ETH broke the $2,450 resistance area with a . went in bullish zone.
There was a break above a major bearish trend line with resistance near $2,480 on the hourly chart of ETH/USD. The pair settled well above the $2,500 level and the 100 hourly simple moving average. The pair climbed above the $2,550 resistance level.
Ether is now trading above the 76.4% Fib retracement level of the key decline from the $2,626 high to $2,260 low. An immediate resistance is near the $2,626 high. A clear upside break above the $2,626 high could set the pace for more gains in the coming sessions.
Source: ETHUSD on TradingView.com
The next major resistance is near the $2,715 level. It is near the 1.226 Fib extension level of the key decline from the $2,626 high to $2,260 low. Any gains above $2,720 could open the door for more gains. The next major hurdle for the bulls is near the $2,800 level.
Downsides in ETH Limited?
If Ethereum fails to clear the $2,620 and $2,650 resistance levels, it could start a negative correction. On the downside, an initial support is near the $2,580 level.
The first major support is near the $2,550 level. Any further losses in the coming sessions could call for a test of the $2,500 support and the 100 hourly SMA. A break below the 100 hourly SMA could push Ether price towards the $2,450 support area.
hourly macd – The MACD for ETH/USD is now gaining momentum in the bullish zone.
hourly rsi – The RSI for ETH/USD is currently well above the 50 level.
Key Support Level – $2,500
Key Resistance Level – $2,650