This article is also available in Spanish.
Ethereum price has started to steadily rise above the $2,450 resistance level. ETH holds its gains and may gain bullish momentum above $2,520.
- Ethereum has started to steadily rise above the $2,420 and $2,450 resistance levels.
- The price is trading above the $2,440 level and the 100 hourly simple moving average.
- There is a major uptrend line forming with support near $2,455 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair should gain upward momentum above the $2,520 and $2,550 resistance levels.
Ethereum price is regaining momentum
Ethereum price formed a base above the $2,350 level and started a new increase. ETH crossed the $2,420 and $2,450 resistance levels to move into positive territory, beating Bitcoin.
The bulls even pushed the price above the $2,500 level. The high was formed at $2,518 and the price is now consolidating its gains. The price is stable above the 23.6% Fibonacci retracement level of the upward movement from the low of $2436 to the high of $2518.
Ethereum price is now trading above the $2,450 level and the 100 hourly simple moving average. There is also a major uptrend line forming with support near $2,455 on the hourly chart of the ETH/USD pair.
On the upside, the price appears to be facing hurdles near the $2,520 level. The first major resistance is near the $2,550 level. A clear move above the $2,550 resistance level could send the price towards the $2,580 resistance level. A bullish break above the $2,580 resistance may require further gains in the coming sessions. In the mentioned case, Ether may rise towards the $2,620 resistance area in the near term. The next hurdle is near the $2,650 or $2,720 level.
Another dip in ETH?
If Ethereum fails to break above the $2,520 resistance level, it could start another decline. Initial support on the downside is near the $2,480 level. The first major support is near the $2455 area and the trend line or 76.4% Fibonacci retracement level of the upward move from the $2436 swing low to the $2518 high.
A clear move below the $2,435 support could push the price towards $2,420. Any further losses could send the price towards the $2,350 support level in the near term. The next major support is at $2,250.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Major support level – $2,455
Major resistance level – $2,520