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Ethereum price started a new uptrend from the $2,300 support area. ETH is rising and may aim to move above the $2,550 resistance.
- Ethereum started a decent rise above the $2,350 and $2,420 levels.
- The price is trading above $2,420 and the 100-hour Simple Moving Average.
- There is an important bullish line forming at the $2,435 support on the ETH/USD hourly chart (data feed via Kraken).
- The pair should clear the $2,525 and $2,550 resistance levels to continue higher in the near term.
Ethereum Price Aims to Rise
The price of Ethereum remained stable above the level of $2,300 and started a new rise. ETH was able to clear the $2,350 resistance to move to a positive position like Bitcoin.
The price managed to rise above the $2,400 resistance area. There was a move above the 50% Fib retracement level of the downward wave from the $2,656 swing high to the $2,310 low. Finally, the bulls pushed the price above the $2,500 resistance.
Ethereum price is now trading above $2,450 and the 100-hour Simple Moving Average. There is also an important bullish line forming with support at $2,435 on the ETH/USD hourly chart.
On the other hand, the price seems to be facing obstacles near the $2,525 level. It is near the 61.8% Fib retracement level of the downward wave from the $2,656 swing high to the $2,310 low. A clear move above the $2,525 resistance could send the price to the $2,550 resistance.
A break above $2,550 may call for additional gains in future sessions. In the mentioned scenario, Ether can rise to the resistance area of ​​$2,650 in the near term. The next hurdle is near the $2,720 or $2,740 level.
Another Drop in ETH?
If Ethereum fails to clear the $2,525 resistance, it could start another decline. The first support on the downside is near the $2,450 level. The first major support sits near the $2,420 area and the trend line.
A clear move below the $2,420 support could push the price to $2,350. Another loss could send the price to the $2,320 support level in the near term. The next key support remains at $2,250.
Technical References
MACD per hour – MACD of ETH/USD is gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,420
Major Resistance Level – $2,525
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