Ethereum price started a fresh increase above the $2,520 zone, like Bitcoin. ETH price gained pace for a move above the $2,550 resistance zone and entered a positive zone.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $2,636 swing high to the $2,475 low. Besides, there was a break above a key bearish trend line with resistance at $2,520 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,565 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $2,600 level. It is close to the 76.4% Fib retracement level of the downward move from the $2,636 swing high to the $2,475 low.
The next key resistance is near the $2,620 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 $2,750 resistance zone or even $2,800 in the near term.
If Ethereum fails to clear the $2,600 resistance, it could start a fresh decline. Initial support on the downside is near the $2,550 level. The first major support sits near the $2,520 zone.
A clear move below the $2,520 support might push the price toward the $2,500 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 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 – $2,520
Major Resistance Level – $2,600
Go to Source
Author: coinmaker
Bitcoin price is recovering toward $81,000, gaining nearly 2% as buyers return ahead of the…
Ripple’s RLUSD just secured a major institutional credibility boost, earning Moody’s A2 long-term deposit rating…
Key Highlights The US Department of Justice charged six individuals accused of running an NFT…
Key Highlights Crypto.com and OG.com launched continuous, non-expiring crypto perpetual contracts for eligible U.S. traders…
AI SummaryShowCircle and ACI pilot USDC settlement in Colombia, signalling stablecoins’ entry into traditional real‑time…
AI SummaryShowCFTC’s renewed probe could force stricter user‑location verification, prompting industry‑wide compliance upgrades.Potential enforcement may…
This website uses cookies.
Read More