Ethereum extended its upward move above the USD 2,550 resistance zone against the US dollar. The ETH price was above the 100-hour SMA and could continue to rise.
- Ethereum extended its recovery wave above the USD 2,550 and USD 2,600 levels.
- The price is now trading above the USD 2,500 support and the 100 hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke above a key bearish trendline with resistance near USD 2,250.
- The pair is now showing positive signs above $ 2,500 but is also facing hurdles near $ 2,760.
The price for the Ethereum is gaining traction
Ethereum remained supported above the $ 2,200 level and a steady wave of recovery began. There was a pause over a couple of major hurdles near the $ 2,250 level.
There was also a break above a key bearish trendline with resistance near USD 2,250 on the ETH / USD hourly chart. It opened the doors to a strong move above the $ 2,500 level and the 100-hour simple moving average.
Ether even cleared the $ 2,600 and $ 2,700 levels. It traded as high as $ 2.7608 before initiating a downward correction. The price corrected below the USD 2,700 level.
Source: ETHUSD on TradingView.com
Immediate support is near the $ 2,525 level. It is near the Fib retracement level of 23.6% of the bullish move from the low of $ 1,740 to the high of $ 2,768. The first major support is near the $ 2,480 level and the 100-hour simple moving average.
On the upside, the first major resistance is near the USD 2,750 level. A sharp break above the recent high could move price towards the $ 2,930 resistance. The next major resistance is at $ 3,000. Further gains could require a test of the $ 3,200 level.
New decline in ETH?
If Ethereum is no longer above the USD 2,700 and USD 2,760 resistance levels, it could see another drop. Initial downside support is near the $ 2,500 zone.
The first major support is near the $ 2,480 level and the 100 hour SMA. The main support is now forming near the USD 2,255 level. It is near the 50% Fib retracement level of the move up from the low of $ 1,740 to the high of $ 2,768.
Hourly MACD – – The MACD for ETH / USD is slowly losing pace in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is moving towards 50.
Main support tier – $ 2,480
Main Resistance Level – $ 2,760