Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price started a fresh increase above the $2,550 zone. ETH is now facing resistance near the $2,640 and $2,665 levels.
Ethereum started a fresh increase above the $2,550 level.
The price is trading above $2,550 and the 100-hourly Simple Moving Average.
There is a key rising channel forming with support at $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend losses if it trades below the $2,600 support zone in the near term.
Ethereum Price Consolidates Gains
Ethereum price started a decent upward move above the $2,500 zone, beating Bitcoin. ETH price was able to climb above the $2,520 and $2,550 resistance levels.
The price even cleared the $2,600 resistance zone and tested the $2,665 level. A high was formed at $2,677 and the price is now consolidating gains. There was a minor move below the $2,620 level. The price dipped below the $2,620 level and the 23.6% Fib retracement level of the upward move from the $2,476 swing low to the $2,677 high.
Ethereum price is now trading above $2,550 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at $2,600 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $2,640 level. The next key resistance is near the $2,665 level. The first major resistance is near the $2,720 level. A clear move above the $2,720 resistance might send the price toward the $2,780 resistance.
An upside break above the $2,780 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,880 resistance zone or even $2,920 in the near term.
Downside Break In ETH?
If Ethereum fails to clear the $2,665 resistance, it could start a fresh decline. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,575 zone and the 50% Fib retracement level of the upward move from the $2,476 swing low to the $2,677 high.
A clear move below the $2,575 support might push the price toward the $2,500 support. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,575
Major Resistance Level – $2,665
