Ethereum Price Grinds Higher, Is This The Start Bulls Were Waiting For?
Ethereum price is attempting a fresh increase above the $2,550 level. ETH could continue to move up unless there is a drop below the $2,525 support.
Ethereum is attempting a fresh increase above the $2,520 level.
The price is trading above $2,520 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it clears the $2,600 and $2,620 resistance levels.
Ethereum Price Holds Support
Ethereum price remained well-supported above the $2,450 level. ETH outperformed Bitcoin and started a fresh increase above the $2,500 resistance zone.
There was a move above the $2,550 resistance and the 100-hourly Simple Moving Average. The price even broke the $2,600 level before the bears appeared. A high is formed near $2,614 and the price is now correcting gains. There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high.
Ethereum is still trading above $2,520 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high.
On the upside, the price is facing resistance near the $2,600 level. The next major resistance is now near $2,620. A clear move above the $2,620 level might start a decent increase. In the stated case, the price could rise toward the $2,665 level.
Source: ETHUSD on TradingView.com
The main breakout zone is now forming near the $2,710 zone. A close above the $2,710 resistance could start another major increase. The next key resistance is near $2,780. Any more gains might send the price toward the $2,880 zone.
Fresh Decline in ETH?
If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,550 level and the trend line.
The next key support could be the $2,500 zone. A downside break below the $2,500 support might send the price further lower. In the stated case, Ether could test the $2,450 support. Any more losses might send the price toward the $2,350 level.
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 above the 50 level.
Major Support Level – $2,540
Major Resistance Level – $2,620
