Ethereum Price Finds Its Footing: Bulls Prepare for Another Push

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Ethereum price found support at $2,460 and started a fresh increase. ETH is now rising and might aim for a move above the $2,600 resistance zone.

  • Ethereum started a decent increase above the $2,500 and $2,520 levels.

  • The price is trading above $2,520 and the 100-hourly Simple Moving Average.

  • There was a break above a connecting bearish trend line with resistance at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could gain strength if it clears the $2,600 resistance in the near term.

Ethereum Price Finds Support

Ethereum price started a decent increase after Bitcoin traded to a new all-time high. ETH tested the $2,720 zone before there was a downside correction. The price dipped below $2,500 and tested $2,450.

A low was formed at $2,463 and the price is again rising. There was a move above the $2,500 resistance. The price surpassed the 23.6% Fib retracement level of the downward move from the $2,729 swing high to the $2,463 low. There was also a break above a connecting bearish trend line with resistance at $2,540 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,520 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $2,600 level. It is near the 50% Fib retracement level of the downward move from the $2,729 swing high to the $2,463 low.

The next key resistance is near the $2,630 level. The first major resistance is near the $2,650 level. A clear move above the $2,650 resistance might send the price toward the $2,720 resistance.

Ethereum Price

An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,800 resistance zone or even $2,850 in the near term.

Are Dips Supported In ETH?

If Ethereum fails to clear the $2,600 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 $2,460 support. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,350.

Technical Indicators

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

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

  • Major Support Level – $2,500

  • 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.

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