Ethereum Price Hits Support – Can It Launch a Fresh Move Higher?
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.
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 MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,520
Major Resistance Level – $2,600
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