Ethereum price started a new rise above the $2,600 resistance. ETH is consolidating gains and may aim to move above the $2,720 resistance.
- Ethereum started a decent rise above the $2,650 area.
- The price is trading above $2,600 and the 100-hourly Simple Moving Average.
- There is an important trend line forming with support at $2,540 on the ETH/USD hourly chart (data feed via Kraken).
- The pair can continue to rise if it clears the resistance levels of $2,650 and $2,720.
Ethereum Price Eyes Many Benefits
Ethereum price formed a base above the $2,550 level and started a new high like Bitcoin. ETH rose above the $2,600 and $2,620 resistance levels to move into positive territory.
The price even broke the $2,650 resistance. The top is built at $2,719 and the price now includes benefits. There was a slight decline below the $2,680 level. The price fell below the 23.6% Fib level of the rising wave retracement from the $2,489 swing low to the $2,719 high.
Ethereum price is now trading above $2,600 and the 100-hour Simple Moving Average. There is also a key bullish line forming with support at $2,540 on the hourly chart of ETH/USD.
On the other hand, the price seems to be facing obstacles near the $2,650 level. The first major resistance is near the $2,700 level. The main resistance is now around $2,720. A clear move above the $2,720 resistance could send the price to the $2,880 resistance.
A break above $2,880 may require further gains in future sessions. In the mentioned case, Ether can rise to the resistance area of ​​$3,000.
Low Fix in ETH?
If Ethereum fails to clear the $2,650 resistance, it may start a lower correction. The first support on the downside is near the $2,600 level and the 50% Fib retracement level of the rising wave from the $2,489 swing low to the $2,719 high.
The first major support sits near the $2,540 area. A clear move below the $2,540 support could push the price to $2,500. Another loss could send the price to the $2,450 support level in the near term. The next key support sits at $2,320.
Technical References
MACD per hour – MACD of ETH/USD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,600
Major Resistance Level – $2,650
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