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Ethereum price found support near $2,350 and started a new high. ETH is rising and may aim to move above the $2,580 resistance.
- Ethereum started a new breakout above the $2,500 resistance area.
- The price is trading above $2,500 and the 100-hourly Simple Moving Average.
- There was a break above the main bearish line with resistance at $2,460 on the ETH/USD hourly chart (data feed via Kraken).
- The pair can get bullish momentum if it stays above $2,580 and $2,620.
Ethereum Reset Price Rises
Ethereum price found support near $2,350 and started a new high like Bitcoin. ETH managed to rise above the resistance levels of $2,420 and $2,450 to move into positive territory.
It cleared the 50% Fib retracement level to the downside from the $2,583 swing high to the $2,357 swing low. Besides, there was a break above the main bearish line with resistance at $2,460 on the ETH/USD hourly chart.
Ethereum price is now trading above $2,500 and the 100-hour Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $2,583 high to $2,357 low.
On the other hand, the price seems to be facing obstacles near the $2,580 level. The first major resistance is near the $2,620 level. The main resistance is now around $2,650. A clear move above the $2,650 resistance could send the price to the $2,720 resistance.
A break above $2,720 could call for more gains in future sessions. In the mentioned scenario, Ether can rise to the resistance area of ​​$2,750.
Another Drop in ETH?
If Ethereum fails to clear the $2,620 resistance, it could start another decline. The first support on the downside is near the $2,520 level. The first major support sits near the $2,500 area.
A clear move below the $2,500 support could push the price to $2,450. Another loss could send the price to the $2,320 support level in the near term. The next key support remains at $2,350.
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 – $2,450
Major Resistance Level – $2,620
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