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Ethereum Price Surges: Can the Rally Sustain?

Source Newsbtc

Ethereum price started a fresh increase above the $2,500 resistance. ETH is up over 5% and might continue to rise if it clears the $2,650 resistance.

Ethereum started a fresh increase above the $2,500 and $2,550 resistance levels.
The price is trading above $2,550 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $2,52 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rally if it clears the $2,620 and $2,650 resistance levels.

Ethereum Price Jumps Over 5%

Ethereum price formed a base above the $2,400 level and started a fresh increase. ETH cleared the $2,450 and $2,500 resistance levels to move into a positive zone, beating Bitcoin.

The bulls even pushed the price above the $2,600 level. A high was formed at $2,650 and the price is now consolidating gains. The price is stable above the 23.6% Fib retracement level of the upward wave from the $2,442 swing low to the $2,650 high.

Ethereum price is now trading above $2,550 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,52 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,640 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. 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 in the near term. The next hurdle sits near the $2,880 level or $2,920.

Another Decline In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,520 zone and the trend line or the 61.8% Fib retracement level of the upward wave from the $2,442 swing low to the $2,650 high.

A clear move below the $2,520 support might push the price toward $2,450. Any more losses might send the price toward the $2,400 support level in the near term. The next key support sits at $2,350.

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 – $2,600

Major Resistance Level – $2,650

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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