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Ethereum price started a fresh increase from the $2,080 zone. ETH is now back above $2,400 and facing hurdles near the $2,550 level.
- Ethereum started a decent increase above the $2,350 resistance zone.
- The price is trading above $2,350 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2,240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,500 and $2,550 resistance levels to continue higher.
Ethereum Price Rallies 10%
Ethereum price extended losses below $2,200 before the bulls appeared, like Bitcoin. ETH tested the $2,080 zone and recently started a strong increase. There was a move above the $2,200 and $2,320 resistance levels.
There was a break above a key bearish trend line with resistance at $2,240 on the hourly chart of ETH/USD. The pair even surged above the $2,500 resistance level. A high was formed at $2,550 and the price is now correcting some gains.
There was a move below the 23.6% Fib retracement level of the upward move from the $2,173 swing low to the $2,550 high. Ethereum price is now trading above $2,350 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $2,500 level. The first major resistance is near the $2,520 level. The main resistance is now forming near $2,550. A clear move above the $2,550 resistance might send the price toward the $2,650 resistance.
An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,780 resistance zone or even $2,850 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,550 resistance, it could start another decline. Initial support on the downside is near the $2,400 level. The first major support sits near the $2,360 zone or the 50% Fib retracement level of the upward move from the $2,173 swing low to the $2,550 high.
A clear move below the $2,360 support might push the price toward the $2,320 support. Any more losses might send the price toward the $2,220 support level in the near term. The next key support sits at $2,080.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,360
Major Resistance Level – $2,550
