Ethereum Price Hits Support – Can It Launch a Fresh Move Higher?

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

Ethereum price started a fresh increase above the $2,520 zone. ETH is now correcting some gains and might aim for a fresh move above $2,580.

  • Ethereum started a fresh increase above the $2,520 level.

  • The price is trading below $2,550 and the 100-hourly Simple Moving Average.

  • There is a key bullish trend line forming with support at $2,530 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could start a fresh increase if it remains supported above the $2,520 zone in the near term.

Ethereum Price Revisits Support

Ethereum price started a fresh increase above the $2,550 zone, like Bitcoin. ETH price gained pace for a move above the $2,565 resistance zone and entered a positive zone.

The bulls were able to push the price above the 61.8% Fib retracement level of the downward move from the $2,636 swing high to the $2,475 low. However, the bears remained active near the $2,600 resistance zone and protected more gains.

The price faced rejection near the 76.4% Fib retracement level of the downward move from the $2,636 swing high to the $2,475 low. Ethereum price is now trading below $2,550 and the 100-hourly Simple Moving Average.

ETH is now testing the $2,520 support. There is also a key bullish trend line forming with support at $2,530 on the hourly chart of ETH/USD. On the upside, the price could face resistance near the $2,550 level. The next key resistance is near the $2,580 level. The first major resistance is near the $2,600 level. A clear move above the $2,600 resistance might send the price toward the $2,650 resistance.

Ethereum Price

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 $2,720 resistance zone or even $2,800 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $2,580 resistance, it could start a fresh decline. Initial support on the downside is near the $2,520 level. The first major support sits near the $2,500 zone.

A clear move below the $2,500 support might push the price toward the $2,450 support. Any more losses might send the price toward the $2,350 support level in the near term. The next key support sits at $2,320.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,520

Major Resistance Level – $2,600

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bulls eye further upside as key resistances flip into supportBitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are showing signs of renewed strength as the crypto market kicks off the week on a bullish note. BTC has reclaimed ground above $109,000 after confirming a breakout from its consolidation phase.
Author  FXStreet
7 Month 07 Day Mon
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are showing signs of renewed strength as the crypto market kicks off the week on a bullish note. BTC has reclaimed ground above $109,000 after confirming a breakout from its consolidation phase.
placeholder
XRP Price Prepares for Possible Bounce — Support Levels In FocusXRP price started a decent upward move from the $2.20 zone. The price is now correcting some gains and might find bids near the $2.220 zone. XRP price started a fresh increase above the $2.220 zone.
Author  NewsBTC
7 Month 04 Day Fri
XRP price started a decent upward move from the $2.20 zone. The price is now correcting some gains and might find bids near the $2.220 zone. XRP price started a fresh increase above the $2.220 zone.
placeholder
Ethereum Price Forecast: ETH surpassed key milestones in June, but price remains stagnantEthereum (ETH) is down 3% on Tuesday, extending its decline from June, which ended on a negative note despite key bullish catalysts in the month, including high exchange-traded funds (ETFs) inflows, record-breaking buying from accumulation addresses, and public companies launching ETH treasuries.
Author  FXStreet
7 Month 02 Day Wed
Ethereum (ETH) is down 3% on Tuesday, extending its decline from June, which ended on a negative note despite key bullish catalysts in the month, including high exchange-traded funds (ETFs) inflows, record-breaking buying from accumulation addresses, and public companies launching ETH treasuries.
placeholder
Ethereum Network Awakens—Massive On-Chain Moves Signal What’s ComingEthereum has stayed under the radar as Bitcoin grabs headlines. But new data shows long‑term holders have quietly built up a huge stash of ETH. This might set the stage for a big move when markets
Author  NewsBTC
7 Month 02 Day Wed
Ethereum has stayed under the radar as Bitcoin grabs headlines. But new data shows long‑term holders have quietly built up a huge stash of ETH. This might set the stage for a big move when markets
placeholder
Strong Ethereum Accumulation Detected: LTH Buying Heavy During June ConsolidationEthereum is trading above $2,400 after enduring several days of volatility and uncertainty. The price has managed to stabilize despite sharp intraday swings, reflecting growing tension between
Author  NewsBTC
7 Month 01 Day Tue
Ethereum is trading above $2,400 after enduring several days of volatility and uncertainty. The price has managed to stabilize despite sharp intraday swings, reflecting growing tension between
Real-time Quote