Ethereum price extended its increase above the $2,700 zone. ETH is now correcting gains and might revisit the $2,575 support zone.
Ethereum started a fresh increase and cleared the $2,700 resistance.
The price is trading above $2,620 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $2,450 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could find bids near $2,575 and start a fresh increase in the near term.
Ethereum Price Restarts Rally
Ethereum price remained supported and started a fresh increase above $2,550, beating Bitcoin. ETH gained pace for a move above the $2,620 resistance zone.
There was a break above a connecting bearish trend line with resistance at $2,450 on the hourly chart of ETH/USD. The bulls were able to push the price above the $2,700 resistance zone. A high was formed at $2,736 and the price is now correcting gains.
There was a minor decline below the 23.6% Fib retracement level of the upward move from the $2,416 swing low to the $2,736 high. However, the bulls are still active above $2,620.
Ethereum price is now trading above $2,640 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,720 level. The next key resistance is near the $2,735 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 $2,840 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 $2,880 resistance zone or even $2,950 in the near term.
Another Pullback In ETH?
If Ethereum fails to clear the $2,720 resistance, it could start a fresh downside correction. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,575 zone and the 50% Fib retracement level of the upward move from the $2,416 swing low to the $2,736 high.
A clear move below the $2,575 support might push the price toward the $2,500 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 losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,720
Major Resistance Level – $2,575
