Ethereum’s price has started to rise again above $2,580. ETH still has a long way to go before it reaches a new record high. Bitcoin, on the other hand is close.
- Ethereum began a steady increase over the $2.620 area.
- Price is above the Simple Moving Average of 100 hours and $2,580.
- On the chart hourly of ETH/USD, there is a bullish line connecting with a support level at $2.530 (data via Kraken).
- If it breaks the resistance levels at $2,650 and 2,680 then this pair may continue to climb.
Ethereum price climbs slowly
The Ethereum price has formed a new base at $2,465 and is now on a similar upward trend. Bitcoin. ETH climbed higher than the $2.550 and $2.580 resistance levels, moving into a favorable zone.
There was an increase of over 5% in the price and a rise above the $2.620 mark. Price is unable to match the strength of Bitcoin and has formed a high at $2,680. The price has corrected gains by trading below the Fib retracement of 23.6% for the move up from the swing-low at $2,488 and the $2680 high.
The price of Ethereum is currently trading over $2,600. This also coincides with the Simple Moving Average 100 hours per day. The price of Ethereum is now trading above $2,600 and the 100-hourly Simple Moving Average. connecting bullish trend line Support is at $2.530 in the hourly chart for ETH/USD.
Price seems to face hurdles in the near future, around the $2.650 mark. First major resistance near $2,680. Main resistance now forms near $2,720. The price could be sent to the $2.915 resistance if the market moves clear above the $2.720 resistance.
If Ether breaks above $2,915 and gains continue in future sessions. Ether might rise to the $3,000 area of resistance in this case.
Downside Correction In ETH?
Ethereum could begin a correction to the downside if it fails to break through $2,680. The initial support for the downside lies near $2,600. First major support is near $2,560 or the Fib retracement of the move upward from the swing low at $2,488 to the high at $2,680.
Any further losses could push the price towards $2,550. In the short term, any further losses could push the price towards the $2.530 support level. Next, the key support level is $2,450.
Technical Indicators
Hourly MACD – MACD for the ETH/USD pair is moving into a more bullish territory.
Hourly RSI – The RSI value for ETH/USD now exceeds the 50-zone.
Major Support Level – $2,600
Major Resistance Level – $2,680
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Source: www.newsbtc.com
