Ethereum price gained momentum to move above the $2,550 resistance area. Ethereum is now consolidating near $2,680 and is eyeing further gains above $2,750.
- Ethereum started a decent rally above the $2,450 and $2,550 levels.
- The price is trading above the $2,550 level and the 100-hour simple moving average.
- A major bullish trend line is forming with support at $2,550 on the hourly chart of the ETH/USD pair (data via Kraken).
- The pair could rise steadily if it surpasses the $2,720 resistance area.
Ethereum Price Eyes More Gains Above $2,720
Ethereum price started a steady upward move above the $2,450 resistance level. Ethereum rose above the $2,500 and $2,550 resistance levels like Bitcoin above $58,000.
The price even surpassed the $2,650 resistance level, but the gains were limited compared to Bitcoin. A top was formed near $2,722, and now the price is consolidating the gains. It is still above the 23.6% Fib retracement level of the upward move from the $2,311 swing low to $2,722 high.
Ethereum price is now trading above $2,550 and the 100-hourly simple moving average. A major bullish trend line is forming with support at $2,550 on the hourly chart of the ETH/USD pair. The trend line is near the 100-hourly simple moving average and the 50% Fib retracement level of the upward move from the $2,311 swing low to $2,722 swing high.
On the upside, the price is facing hurdles near the $2,700 level. The first major resistance is near the $2,720 level. A close above the $2,720 level could send Ether towards the $2,800 resistance level. The next major resistance is near the $2,865 level. An upside break above the $2,865 resistance level could send the price towards the $3,000 resistance zone in the near term.
Are ETH dips limited?
If Ethereum fails to clear the $2,720 resistance level, it could start a downside correction. The initial support on the downside is near $2,620. The first major support is near the $2,550 area.
A clear move below the $2,550 support could push the price towards $2,450. Any further losses could push the price towards the $2,320 support in the near term. The next major support level is at $2,250.
Technical indicators
MACD hourly – 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.
Key Support Level – $2550
Key Resistance Level – $2720
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