Ethereum price was able to clear the $2,550 resistance zone. ETH is currently consolidating near $2,680 and it is aiming for further upsides above $2,750.
- Ethereum started a decent increase above the $2,450 and $2,550 levels.
- The price is trading above $2,550 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise steadily if it clears the $2,720 resistance zone.
Ethereum price aims for further gains above $2,720
Ethereum price started a steady upward move above the $2,450 resistance level. ETH climbed above the $2,500 and $2,550 resistance levels, just as Bitcoin climbed above the $58,000 level.
The price even cleared the $2,650 resistance, but the gains were limited compared to BTC. A high was formed near $2,722 and the price is now consolidating gains. It is still above the 23.6% Fib retracement level of the upward move from the $2,311 swing low to $2,722 high.
Ethereum price is currently trading above $2,550 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD. The trend line is near the 100 hourly simple moving average and the 50% Fib retracement level of the upward move from the $2,311 swing low to $2,722 high.
On the upside, the price is facing hurdles near the $2,700 level. The first major resistance is near the $2,720 level. A close above the $2,720 level could push Ether towards the $2,800 resistance zone. The next key resistance is at $2,865. An upside break above the $2,865 resistance zone could push the price towards the $3,000 resistance zone in the near term.
Are dips limited in ETH?
If Ethereum fails to overcome the resistance at $2,720, it could start a downside correction. The first support on the downside is at $2,620. The first major support is at $2,550.
A clear decline below the $2,550 support level could push the price towards the $2,450 level. Any further losses could push the price towards the $2,320 support level in the near term. The next key support level is near the $2,250 level.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Key Support Level – $2,550
Main Resistance Level – $2,720
