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Ethereum price found support at $2,460 and started a fresh increase. ETH is now rising and might aim for a move above the $2,600 resistance zone.
- Ethereum started a decent increase above the $2,500 and $2,520 levels.
- The price is trading above $2,520 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain strength if it clears the $2,600 resistance in the near term.
Ethereum Price Finds Support
Ethereum price started a decent increase after Bitcoin traded to a new all-time high. ETH tested the $2,720 zone before there was a downside correction. The price dipped below $2,500 and tested $2,450.
A low was formed at $2,463 and the price is again rising. There was a move above the $2,500 resistance. The price surpassed the 23.6% Fib retracement level of the downward move from the $2,729 swing high to the $2,463 low. There was also a break above a connecting bearish trend line with resistance at $2,540 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,520 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $2,600 level. It is near the 50% Fib retracement level of the downward move from the $2,729 swing high to the $2,463 low.
The next key resistance is near the $2,630 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 or even $2,850 in the near term.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,600 resistance, it could start a fresh decline. Initial support on the downside is near the $2,520 level. The first major support sits near the $2,500 zone.
A clear move below the $2,500 support might push the price toward the $2,460 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 – $2,500
Major Resistance Level – $2,600
