Ethereum price is showing positive signs above the $2,650 zone. ETH is rising like Bitcoin and might start another increase in the near term.
- Ethereum is still showing positive signs above the $2,620 zone.
- The price is trading above $2,680 and the 100-hourly Simple Moving Average.
- There was a break above a key contracting triangle with resistance at $2,700 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent upward move if it settles above $2,725 and $2,755.
Ethereum Price Eyes Upside Break
Ethereum price remained supported above the $2,500 level and recently started a decent upward move, like Bitcoin. ETH broke the $2,620 resistance to move into a short-term bullish zone.
There was a break above a key contracting triangle with resistance at $2,700 on the hourly chart of ETH/USD. The price was able to surpass the $2,720 level and tested the 50% Fib retracement level of the downward move from the $2,845 swing high to the $2,605 low.
Ethereum price is now trading above $2,680 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,725 level.
The first major resistance is near the $2,755 level or the 61.8% Fib retracement level of the downward move from the $2,845 swing high to the $2,605 low. The main resistance is now forming near $2,800 or $2,820.
A clear move above the $2,820 resistance might send the price toward the $2,880 resistance. An upside break above the $2,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,920 resistance zone or even $3,000 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,755 resistance, it could start another decline. Initial support on the downside is near the $2,700 level. The first major support sits near the $2,660 zone.
A clear move below the $2,660 support might push the price toward the $2,620 support. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
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 – $2,660
Major Resistance Level – $2,755
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