Ethereum price gained momentum to break above the $2,550 resistance zone. ETH is now consolidating near $2,680 and eyeing further gains above $2,750.
- Ethereum started a decent increase above the $2,450 and $2,550 levels.
- Price is trading above $2,550 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise steadily if it breaks the $2,720 resistance zone.
Ethereum Price Eyes Further Gains Above $2,720
Ethereum price started a steady rise above the $2,450 resistance level. ETH climbed above the $2,500 and $2,550 resistance levels, as did Bitcoin above $58,000.
The price even broke the $2,650 resistance, but gains were limited against BTC. A high was formed near $2,722 and the price is now consolidating gains. It is still above the 23.6% Fibonacci retracement level of the upward move from the $2,311 swing low to $2,722 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 at $2,550 on the hourly chart of ETH/USD. The trend line is close to the 100 hourly simple moving average and the 50% Fib retracement level of the upward move from the $2,311 low to $2,722 high.
On the upside, the price faces hurdles near the $2,700 level. The first major resistance lies near the $2,720 level. A close above the $2,720 level could send Ether towards the $2,800 resistance. The next key resistance lies near $2,865. An upside break above the $2,865 resistance could send the price higher towards the $3,000 resistance zone in the near term.
Are dips limited in ETH?
If Ethereum fails to clear the $2,720 resistance, it could start a downside correction. The initial support on the downside is near $2,620. The first major support is near the $2,550 area.
A clear move below the $2,550 support could push the price towards $2,450. Any further losses could send the price towards the $2,320 support level in the near term. The next key support lies at $2,250.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,550
Major Resistance Level – $2,720
