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Ethereum price is consolidating gains above the $2,575 support. ETH could start a major rally if there is a close above the $2,700 resistance.
- Ethereum is consolidating gains above the $2,575 support zone.
- The price is trading above $2,620 and the 100-hourly Simple Moving Average.
- There is a short-term breakout pattern forming with resistance at $2,640 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it stays above the $2,575 support zone.
Ethereum Price Eyes Another Increase
Ethereum price gained pace above the $2,600 level and traded close to the $2,700 resistance zone. ETH traded as high as $2,681 before it started a downside correction.
There was a move below the $2,640 and $2,620 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $2,472 swing low to the $2,681 high, like Bitcoin. However, the bulls were active near the $2,600 zone.
Ethereum found support at $2,600 and is currently attempting a fresh increase. It is now trading above $2,620 and the 100-hourly Simple Moving Average.
Immediate resistance is near the $2,640 level. There is also a short-term breakout pattern forming with resistance at $2,640 on the hourly chart of ETH/USD. The first major resistance is near the $2,680 level. The next major resistance is near $2,720, above which the price might rise and test the $2,800 resistance.
Source: ETHUSD on TradingView.com
If the bulls remain in action, they could even push the price above the $2,800 resistance. In the stated case, the price could rise toward the $3,000 level.
Another Decline In ETH?
If Ethereum fails to clear the $2,640 resistance, it could start another decline. Initial support on the downside is near the $2,620 level.
The next key support could be the $2,600 zone. A clear move below the $2,600 support might send the price toward $2,575 or the 50% Fib retracement level of the upward move from the $2,472 swing low to the $2,681 high. The main support could be $2,550 or the 100 hourly SMA. Any more losses might send the price toward the $2,440 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,600
Major Resistance Level – $2,640
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
