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Ethereum price continues to rise above the resistance at $2,650. ETH could continue to rise towards $2,850 if it clears the $2,750 resistance zone.
- Ethereum remained in the positive zone above the resistance levels at $2,580 and $2,620.
- The price is above $2,650 and the 100-hour straightforward moving average.
- A key uptrend line is forming on the hourly chart of ETH/USD (data fed via Kraken) with support near $2,680.
- The pair may continue to rise if it breaks through the resistance levels at $2,750 and $2,780.
Ethereum price aims for greater profits
Ethereum price remained stable above the $2,600 level, as did Bitcoin. ETH extended gains above the $2,650 resistance level to head further into the positive zone.
The price broke above the $2,700 level and tested $2,765. The high was reached at $2,765 and the price is currently consolidating its increases. There has been a slight decline below the $2,740 level, but the price is stable above the 23.6% Fib retracement level, which is an upward move from a low of $2,576 to a high of $2,765.
Ethereum price is currently trading above $2,650 and the 100-hour straightforward moving average. A key bullish trendline is also forming on the hourly chart of ETH/USD with support near $2,680. The trendline is near the 50% Fib retracement level, which is an upward movement from the low of $2,576 to the high of $2,765.
On the other hand, the price seems to be facing some headwinds near the $2,750 level. The first major resistance is near the $2,765 level. A clear move above the resistance at $2,765 could push the price towards the resistance at $2,840. An upward break above the resistance at $2,840 could trigger further gains in the coming sessions.
In the above case, Ether may rise towards the resistance zone at $2,880 in the near future. The next hurdle is near the $2,920 level, or $2,950.
Another ETH drop?
If Ethereum fails to break the resistance at $2,750, another decline could begin. Initial downside support is near the $2,720 level. The first major support is located near the $2,680 zone and the trend line.
A clear move below the support at $2,720 could push the price towards $2,650. Any further losses could push the price towards the $2,620 support level in the near future. The next key support is at $2,550.
Technical indicators
Hourly MACD – MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Main support level – USD 2,650
Major resistance level – $2,765
