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Ethereum price started a new increase above the $2,580 resistance level. ETH is still a long way from a new all-time high while Bitcoin is approaching ATH.
- Ethereum started a good increase above the $2,620 area.
- The price is trading above the $2,580 level and the 100 hourly simple moving average.
- There is a solid uptrend line forming with support at $2,530 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue rising if it crosses the $2,650 and $2,680 resistance levels.
Ethereum price is slowly rising
Ethereum price formed a base above the $2,465 level and started a new rally like Bitcoin. ETH rose above the $2,550 and $2,580 resistance levels to move into positive territory.
The price rose over 5% and there was a move above the $2620 level. A top has been formed at $2,680 and the price is struggling to follow Bitcoin’s strength. The price corrected its gains and traded below the 23.6% Fib retracement level of the upward move from the swing low at $2,488 to the swing high at $2,680.
Ethereum price is now trading above $2,600 and the 100 hourly simple moving average. There is also a solid uptrend line forming with support at $2,530 on the hourly chart of the ETH/USD pair.
On the upside, the price appears to be facing hurdles near the $2,650 level. The first major resistance is near the $2,680 level. Major resistance is now forming near $2,720. A clear move above the $2,720 resistance could send the price towards the $2,915 resistance.
A bullish break above the $2,915 resistance may require further gains in the coming sessions. In the mentioned case, the Ether price may rise towards the $3,000 resistance area.
Correcting the downside in ETH?
If Ethereum fails to break above the $2,680 resistance level, it could start a downward correction. Initial support on the downside is near the $2,600 level. The first major support is near the $2,560 area or the 61.8% Fib retracement level of the upward move from the $2,488 swing low to the $2,680 swing high.
A clear move below the $2,600 support could push the price towards $2,550. Any further losses could send the price towards the $2,530 support level in the near term. The next major support is at $2,450.
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 – $2,600
Major resistance level – $2,680
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