Ethereum price found support at $2,460 and started a fresh increase. ETH is now up over 5% and might attempt to clear the $2,720 resistance.
Ethereum started a decent increase above the $2,550 and $2,620 levels.
The price is trading near $2,580 and the 100-hourly Simple Moving Average.
There is a new connecting bullish trend line forming with support at $2,575 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend gains if it clears the $2,720 resistance zone in the near term.
Ethereum Price Rallies Over 5%
Ethereum price started a fresh increase from the $2,460 support zone, beating Bitcoin. ETH price was able to recover above the $2,550 and $2,620 resistance levels.
The price even surpassed the $2,650 level. However, the bears were active near the $2,720 resistance zone. The price started a downside correction and traded below the $2,700 level. Moreover, there was a move below the 23.6% Fib retracement level of the upward move from the $2,463 swing low to the $2,711 high.
Ethereum price is now trading near $2,580 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,575 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $2,680 level. The next key resistance is near the $2,720 level. The first major resistance is near the $2,750 level. A clear move above the $2,750 resistance might send the price toward the $2,800 resistance.
An upside break above the $2,800 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 Correction In ETH?
If Ethereum fails to clear the $2,720 resistance, it could start a fresh decline. Initial support on the downside is near the $2,620 level. The first major support sits near the $2,580 zone. It is close to the 50% Fib retracement level of the upward move from the $2,463 swing low to the $2,711 high.
A clear move below the $2,580 support might push the price toward the $2,520 support. Any more losses might send the price toward the $2,460 support level in the near term. The next key support sits at $2,420.
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 – $2,580
Major Resistance Level – $2,720
