Ethereum continued its rise above the $ 2,550 resistance zone against the US Dollar. ETH price has risen above the 100 hourly SMA and may continue to rise. According to the technical analysis of NewsBTC’s Aayush Jindal:
- Ethereum took the recovery wave above the $ 2,550 and $ 2,600 levels.
- The price is currently trading above the $ 2,500 support and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $ 2,250 on the hourly chart of ETH / USD (based on Kraken data).
- The pair is currently showing positive signals above $ 2,500, but it is also facing hurdles near $ 2,760.
Ethereum (ETH) Price Accelerates
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Ethereum continued to find support above the $ 2,200 level and started a steady wave of recovery. There was a break above several key hurdles near the $ 2,250 level.
Also, there was a break above a key bearish trend line with resistance near $ 2,250 on the hourly chart of the ETH / USD pair. It opened the doors for a strong move above the $ 2,500 level and the 100 hourly simple moving average.
Ethereum even cleared the $ 2,600 and $ 2,700 levels. It traded as high as $ 2.7608 before starting a downside correction. The price experienced a correction below the $ 2,700 level.
An immediate support is near the $ 2,525 level. This is near the 23.6% Fib retracement level of the upward move from $ 1,740 to $ 2,768. The first major support is near the $ 2,480 level and the 100 hourly simple moving average.
The first major resistance on the upside is near the $ 2,750 level. A clear break above the recent high could steer the price towards resistance at $ 2,930. The next major resistance is near $ 3,000. Further gains could require testing the $ 3,200 level.
Will Ethereum (ETH) Fall?
If Ethereum cannot continue above the $ 2,700 and $ 2,760 resistance levels, it could initiate another decline. Initial support on the downside is near the $ 2,500 zone.
The first major support is near the $ 2,480 level and the 100 hourly SMA. The main support is currently forming near the $ 2,255 level. This is near the 50% Fib retracement level of the upward move from $ 1,740 to $ 2,768.
Technical Indicators
- Hourly MACD – The MACD for ETH / USD is slowly decelerating in the bullish zone.
- Hourly RSI – The RSI for ETH / USD is falling towards the 50 level.
- Major Support Level – $ 2480
- Major Resistance Level – $ 2,760
