Ethereum price found support at $2,440 and started a fresh increase. ETH is now rising and might aim for a move above the $2,650 resistance zone.
Ethereum started a decent increase above the $2,500 and $2,520 levels.
The price is trading above $2,540 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain strength if it clears the $2,620 resistance in the near term.
Ethereum Price Could Gain Strength
Ethereum price remained in a range above $2,350 while Bitcoin traded to a new all-time high. ETH bulls were active near the $2,440 zone. A low was formed at $2,442 and the price started a fresh increase.
There was a move above the $2,500 and $2,520 levels. The price surpassed the 50% Fib retracement level of the downward wave from the $2,615 swing high to the $2,442 low. Besides, there is a connecting bullish trend line forming with support at $2,500 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,520 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward wave from the $2,615 swing high to the $2,442 low.
On the upside, the price could face resistance near the $2,620 level. The next key resistance is near the $2,650 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 $2,840 resistance.
An upside break above the $2,840 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,920 resistance zone or even $3,000 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $2,620 resistance, it could start a fresh decline. Initial support on the downside is near the $2,525 level. The first major support sits near the $2,500 zone and the trend line.
A clear move below the $2,500 support might push the price toward the $2,440 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 bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,500
Major Resistance Level – $2,620
