Ethereum price started a fresh rise from the $2,300 support zone. ETH is rising and could aim to surpass the $2,550 resistance.
- Ethereum started a decent rise above the $2,350 and $2,420 levels.
- The price is trading above $2,420 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $2,435 on the hourly chart of ETH/USD (data via Kraken).
- The pair must overcome the $2,525 and $2,550 resistance levels to continue rising in the near term.
Ethereum price points higher
Ethereum price remained stable above the $2,300 level and started a new rise. ETH was able to overcome the $2,350 resistance to move into a positive zone as bitcoin.
The price was able to rise above the $2,400 resistance zone. There was a move above the 50% Fib retracement level of the descending wave from the high of $2,656 to the low of $2,310. Finally, the bulls pushed the price above the $2,500 resistance.
Ethereum price is now trading above $2,450 and the 100 hour simple moving average. There is also a key bullish trend line forming with support at $2,435 on the hourly chart of ETH/USD.
On the upside, the price seems to face obstacles near the $2,525 level. It is near the 61.8% Fib retracement level of the descending wave from the high $2,656 to the low $2,310. A clear move above the $2,525 resistance could send the price towards the $2,525 resistance 2,550.
A bullish break above the $2,550 resistance could require more gains in the coming sessions. In the indicated case, Ether could rise towards the $2,650 resistance zone in the short term. The next hurdle is near the $2,720 or $2,740 level.
Another drop in ETH?
If Ethereum fails to overcome the $2,525 resistance, it could start another decline. Initial support on the downside is near the $2,450 level. The first major support lies near the $2,420 area and the trend line.
A clear move below the $2,420 support could push the price towards $2,350. Any further losses could send the price towards the $2,320 support level in the near term. The next key support is at $2,250.
Technical Indicators
MACD hourly – 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.
Main Support Level: $2,420
Main Resistance Level: $2,525
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