Ethereum Price Breaks $2,600: Is More Upside Ahead?
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, beating Bitcoin. ETH was able to clear the $2,450 and $2,500 resistance levels. The bulls even pushed the price above the $2,500 resistance.
Recently, it was able to surpass the 76.4% Fib 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 trading above the recent swing high of $2,633.
Ethereum price is now trading above $2,635 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,650 level or the 1.236 Fib 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. The next key resistance is near $2,720.
An upside break above the $2,720 resistance might call for more gains. In the stated case, Ether could rise toward the $2,800 resistance zone in the near term. The next hurdle sits near the $2,880 level or $2,920.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near $2,590. The first major support sits 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 more losses might send 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
Source: NewsBTC.com
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