Ethereum price is showing positive signs above the $2,650 zone. ETH is outshining Bitcoin and might start another increase in the near term.
- Ethereum is holding gains and aiming for more gains.
- The price is trading above $2,650 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support 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 $2,750 and $2,780.
Ethereum Price Regains Traction
Ethereum price attempted a fresh increase above the $2,700 level, beating Bitcoin. ETH broke the $2,750 resistance but it failed to clear the $2,850 resistance zone.
A high was formed at $2,847 and the price started a fresh decline. There was a move below the $2,750 and $2,720 support levels. A low was formed at $2,689 and the price is now consolidating gains. There was a move above the 23.6% Fib retracement level of the recent decline from the $2,847 swing high to the $2,689 low.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,700 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,750 level. The first major resistance is near the $2,765 level or the 50% Fib retracement level of the recent decline from the $2,847 swing high to the $2,689 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 $2,850 resistance. An upside break above the $2,850 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,000 resistance zone or even $3,050 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,750 resistance, it could start another decline. Initial support on the downside is near the $2,700 level. The first major support sits near the $2,680 zone.
A clear move below the $2,680 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 losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,700
Major Resistance Level – $2,750
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