Ethereum Price Consolidates Gains: Is It Ready for Another Push?
Ethereum price started a fresh increase above the $2,600 resistance. ETH is consolidating gains and might aim for a move above the $2,720 resistance.
- Ethereum started a decent increase above the $2,650 zone.
- The price is trading above $2,600 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $2,650 and $2,720 resistance levels.
Ethereum Price Eyes More Gains
Ethereum price formed a base above the $2,550 level and started a fresh increase like Bitcoin. ETH climbed above the $2,600 and $2,620 resistance levels to move into a positive zone.
The price even broke the $2,650 resistance. A high is formed at $2,719 and the price is now consolidating gains. There was a minor decline below the $2,680 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $2,489 swing low to the $2,719 high.
Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,650 level. The first major resistance is near the $2,700 level. The main resistance is now forming near $2,720. A clear move above the $2,720 resistance might send the price toward the $2,880 resistance.
An upside break above the $2,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,000 resistance zone.
Downside Correction In ETH?
If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,600 level and the 50% Fib retracement level of the upward wave from the $2,489 swing low to the $2,719 high.
The first major support sits near the $2,540 zone. A clear move below the $2,540 support might push the price toward $2,500. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,320.
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