The Ethereum price is poised for a potential surge, mirroring the recent movements of Bitcoin. Ethereum (ETH) must break through the $2,665 resistance level to continue its upward momentum and reach new heights in the near term.
- Ethereum is targeting a fresh increase above the $2,665 level.
- The price is trading above $2,620 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2,625 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must maintain above the $2,600 support to initiate a fresh increase in the near term.
Ethereum Price Eyes More Upsides
Ethereum price found a solid support near the $2,550 level and began a fresh increase similar to Bitcoin. ETH successfully cleared the critical $2,600 resistance level, although its gains were not as substantial as those of BTC.
The price ascended above the 50% Fibonacci retracement level of the downward move from the $2,700 swing high to the $2,554 low. Additionally, there was a break above a connecting bearish trend line with resistance at $2,625 on the hourly chart of ETH/USD.
Currently, Ethereum is trading above $2,620 and the 100-hourly Simple Moving Average. On the upside, the price seems to be encountering resistance near the $2,665 level, which aligns with the 76.4% Fibonacci retracement level of the downward move from the $2,700 swing high to the $2,554 low.
The first major resistance is situated near the $2,700 level, followed by a key resistance at $2,720. A successful break above the $2,720 resistance could pave the way for more gains in the upcoming sessions. In such a scenario, Ether might rise towards the $2,780 resistance zone shortly. The next significant hurdle is around the $2,850 or $2,880 level.
Another Drop In ETH?
If Ethereum fails to surpass the $2,665 resistance, it could initiate another downward move. The initial support on the downside is near the $2,600 level and the 100-hourly Simple Moving Average, with the first major support located near the $2,550 zone.
A decisive move below the $2,550 support could push the price towards $2,525. Any additional losses might drive the price down to the $2,480 support level in the near term, with the next key support resting at $2,440.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is losing momentum in the bullish zone.
- Hourly RSI: The RSI for ETH/USD is now below the 50 zone.
- Major Support Level: $2,600
- Major Resistance Level: $2,665
