Ethereum price started a fresh increase from the $2,375 zone. ETH is now back above $2,550 and struggling to clear the $2,620 barrier.
- 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 short-term contracting triangle forming with support at $2,560 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it remains stable above the $2,550 zone in the near term.
Ethereum Price Regains Traction
Ethereum price started a fresh increase from the $2,375 zone, like Bitcoin. ETH price gained pace for a move above the $2,500 resistance zone and entered a positive zone.
The bulls were able to push the price above the 76.4% Fib retracement level of the downward move from the $2,523 swing high to the $2,372 low. It even cleared the $2,550 resistance zone and spiked above the $2,600 level. A high was formed at $2,614 and the price is now consolidating gains.
Ethereum price is now trading above $2,550 and the 100-hourly Simple Moving Average. Besides, there is a short-term contracting triangle forming with support at $2,560 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $2,615 level. It is near the 1.618 Fib extension level of the downward move from the $2,523 swing high to the $2,372 low. The next key resistance is near the $2,650 level. The first major resistance is near the $2,665 level. A clear move above the $2,665 resistance might send the price toward the $2,720 resistance.
An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone or even $2,800 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,615 resistance, it could start a fresh decline. Initial support on the downside is near the $2,560 level. The first major support sits near the $2,550 zone.
A clear move below the $2,550 support might push the price toward the $2,520 support. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,550
Major Resistance Level – $2,615
