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Ethereum’s price has found support around $2,550. It is now on a new upward trend. ETH has now risen over 5%, and may attempt to break the $2.800 resistance.
- Ethereum began a steady increase over the $2.550 and $2.720 levels.
- Price is nearing $2,720. The 100-hour Simple Moving Average.
- On the chart hourly of ETH/USD, there is a connecting bullish line with support at 2,610 (data via Kraken).
- If the pair clears $2,800 in the short term it could continue to gain.
Ethereum Price Increases Over 5%
Ethereum started a new price fresh increase Beat the 2550-dollar support zone Bitcoin. The ETH rate was able recover over the resistance levels of $2,620 and 2,650.
Even the price has risen above $2,720. The bears, however, were very active around the $2,785 zone of resistance. Price is consolidating above the Fib 23.6% retracement of the uptrend from the swing low at $2,610 to the high at $2,787.
Ethereum’s price has now moved to $2,720. It is trading close to the Simple Moving average of 100 Hours. On the hourly chart for ETH/USD, a connecting bullish line is forming at support of $2610.
Price could be facing resistance in the vicinity of $2,780. Next, the key resistance lies near $2800. The next major resistance lies near the $2.7=840 mark. If the price moves above $2,840, it could move towards the $2.880 level.
If Ether breaks above the resistance of $2,800 in the near future, it could see more gains. Ether might rise towards the $2.920 resistance zone, or even to $2.950, in the short term.
Downside Correction In ETH?
Ethereum could begin a new decline if it fails to break through the $2,780 barrier. On the downside, the initial support is located near the $2700 mark. Near the $2.650 area, we find our first significant support. The 76.4% Fib level of the move upward from the swing low at $2,610 to the high at $2,787 is near.
Any further losses could push the price towards the $2.610 support level. Any further declines could send the price to the $2.550 level of support in the near future. Next key support is $2,500.
Technical Indicators
The Hourly MACD – The MACD of ETH/USD has gained momentum and is now in the positive zone.
RSI hourly – The RSI value for ETH/USD now exceeds the 50-zone.
Major Support Level – $2,700
Major Resistance Level – $2,780
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Source: www.newsbtc.com
