Ethereum gained momentum above the $2,550 resistance area against the US Dollar. ETH price is trading in a positive zone and it could rise if it breaks the $2,750 resistance. According to technical analysis by NewsBTC’s Aayush Jindal:
- Ethereum is slowly rising and broke the key $ 2,500 resistance zone.
- The price is currently trading well above $2,500 and the 100 hourly simple moving average.
- There is a key ascending channel forming with support near $2,640 on the hourly chart of ETH/USD (data from Kraken).
- The pair’s rise could gain momentum if it breaks the main $2,750 resistance zone in the near term.
Ethereum (ETH) Price Gains Speed
Ethereum started a reasonable upward move from the $2,400 support zone. ETH climbed above the $2,480 and $2,500 resistance levels. There was also a clear break above the $2,650 resistance zone.
It traded as high as $ 2,746 before the price started a downside correction. There was a break below the $2,700 and $2,650 levels. Ethereum broke below the 23.6% Fib retracement level of the upward move from $ 2,277 to $ 2,746.
It is currently trading well above $2,500 and the 100 hourly simple moving average. There is also an important bullish channel formed with support near $ 2,640 on the hourly chart of ETH / USD.
On the upside, an immediate resistance is near the $2,700 level. The first major resistance is near the $ 2,750 level and the recent high. A close above the $2,750 level could start a major increase towards the $2,850 level. The next major resistance is near the $3,000 zone.
Will Ethereum (ETH) Drop?
If Ethereum fails to clear the $2,700 and $2,750 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,600 zone and the channel trend line.
A downside break below the channel support could push the price towards the $2,500 support and the 100 hourly SMA. The 50% Fib retracement level of the upward move from the $2,277 high to $2,746 high is also near the $2,510 level. The next key support is near the $2,450 level. Any more losses could lead the price towards the $2,400 support in the near term.
- Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
- Major Support Level – $2,500
- Main Resistance Level – $2,750
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.