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Ethereum price started a fresh upward move above the $2,500 resistance. ETH is now gaining pace above $2,600 and might continue to rise.
- Ethereum started another increase from the $2,400 resistance.
- The price is trading above $2,550 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,650 resistance to continue higher in the near term.
Ethereum Price Climbs Over 5%
Ethereum price remained well-supported and extended its increase, outperforming Bitcoin. ETH successfully cleared the $2,450 and $2,500 resistance levels. The bulls pushed the price above the $2,500 resistance, marking a significant upward momentum.
Recently, Ethereum managed to surpass the 76.4% Fibonacci retracement level of the downward correction from the $2,633 swing high to the $2,528 low. The price is now showing positive signs and is trading above the recent swing high of $2,633.
Currently, Ethereum is trading above $2,635 and the 100-hourly Simple Moving Average. Moreover, there is a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD. This trend line is providing a strong foundation for further upward movement.
On the upside, the price is encountering obstacles near the $2,650 level or the 1.236 Fibonacci extension level of the downward correction from the $2,633 swing high to the $2,528 low. The first major resistance is near the $2,680 level, with the next key resistance around $2,720.
Potential Upside Targets
An upside break above the $2,720 resistance could pave the way for additional gains. If this scenario plays out, Ether could rise toward the $2,800 resistance zone in the near term. The next hurdle is likely near the $2,880 level, with a further target at $2,920.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,650 resistance, it may initiate a downside correction. Initial support on the downside is near $2,590. The first major support is located near the $2,550 zone and the trend line zone.
A clear move below the $2,550 support might push the price toward $2,525. Any additional losses could drive the price toward the $2,450 support level in the near term. The next key support sits at $2,320.
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 zone.
Major Support Level – $2,525
Major Resistance Level – $2,650
