Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum outperformed bitcoin and rallied above the $2,550 resistance against the US Dollar. ETH price tested $2,700 and it is now correcting gains.
- Ethereum rallied towards the $2,700 level before it started a downside correction.
- The price is still trading above $2,500 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $2,450 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to start a fresh increase from $2,500 or $2,450 in the near term.
Ethereum Price is Correcting Gains
Ethereum formed a support base above $2,400 and started a fresh increase, outpacing bitcoin. ETH price gained strength and it broke the main $2,500 and $2,550 resistance levels.
The price even surged above the $2,600 level and the 100 hourly simple moving average. It opened the doors for more gains and the price traded as high as $2,700 level. It is now correcting gains from the $2,700 resistance zone.
There was a break below the $2,620 and $2,600 support level. A low is formed near $2,508 and the price is now consolidating. Ether is testing the 23.6% Fib retracement level of the recent decline from the $2,700 swing high to $2,508 high.
There is also a major bullish trend line forming with support near $2,450 on the hourly chart of ETH/USD. On the upside, the first key resistance is near the $2,600 level. It is near the 50% Fib retracement level of the recent decline from the $2,700 swing high to $2,508 high.
Source: ETHUSD on TradingView.com
The main resistance is now forming near the $2,630 level. A clear break and close above $2,630 might start another steady increase. In the stated case, the price could easily rise towards the $2,700 level. The next key resistance is near the $2,780 level, above which the price might test $2,880 in the near term.
More Gains in ETH?
If ethereum fails to continue higher above $2,600, it could extend its decline. An immediate support on the downside is near the $2,510 level.
The first major support is near the $2,500 and $2,480 levels. The next key support is near the $2,450 level and the 100 hourly simple moving average. A clear downside break below the $2,450 support zone could lead the price towards the $2,320 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely to move back into the bullish zone.
Hourly RSI – The RSI for ETH/USD is now close to the 50 level.
Major Support Level – $2,500
Major Resistance Level – $2,630
