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Ethereum Price Eyes More Upsides
Ethereum price is maintaining its gains above the $2,650 resistance level, showing promise for further upward movements. Currently, ETH is consolidating its gains and appears to be gearing up for more potential increases above the $2,700 mark.
Key Points
- Ethereum is targeting additional upside movements above the $2,700 resistance.
- The price is trading above $2,620 and the 100-hourly Simple Moving Average.
- A short-term contracting triangle with support at $2,620 is forming on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to stay above the $2,600 support to continue higher in the near term.
Ethereum price extended its increase, reaching up to the $2,700 level before encountering resistance. Similar to Bitcoin, ETH began a downside correction from the $2,701 high. The price dropped below $2,640, briefly dipping below the 50% Fib retracement level of the upward wave from the $2,528 swing low to the $2,700 high. However, the bulls showed strong activity near the $2,600 support zone.
The price tested the 61.8% Fib retracement level of the upward wave from the $2,528 swing low to the $2,700 high and is currently on the rise. Ethereum is now trading above $2,620 and the 100-hourly Simple Moving Average. Additionally, a short-term contracting triangle with support at $2,620 is visible on the hourly chart of ETH/USD.
On the upside, the price is encountering resistance near the $2,660 level. The first major resistance level is around $2,700, followed by $2,720. An upside break above the $2,720 resistance might trigger more gains, potentially pushing Ether towards the $2,800 resistance zone in the near term. The next significant hurdle lies near the $2,850 or $2,880 levels.
Another Decline In ETH?
If Ethereum fails to clear the $2,680 resistance, it could face another decline. The initial support on the downside is near the $2,620 level and the triangle’s trend line. The first major support zone is around $2,600. A clear move below the $2,600 support might push the price towards $2,550. Further losses could send the price towards the $2,525 support level in the near term, with the next key support sitting at $2,450.
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 – $2,600
- Major Resistance Level – $2,680
