Ethereum price has started a novel rally above the resistance at $2,580. ETH is still very far from the novel all-time high, while Bitcoin is close to ATH.

• Ethereum has started a decent rally above the $2,620 zone.
• The price is above $2,580 and the 100-hour basic moving average.
• A connecting bullish trendline is forming on the hourly chart of ETH/USD with support at $2,530 (data fed via Kraken).
• The pair may continue to rise if it breaks through the $2,650 and $2,680 resistance levels.

Ethereum price is slowly rising

Ethereum price formed a base above the $2,465 level and began a novel rally, just like Bitcoin. ETH climbed above the $2,550 and $2,580 resistance levels to move into the positive zone.

The price increased by over 5% and moved above the level of $2,620. The highest level is formed at $2,680, and the price is struggling to keep up with Bitcoin’s strength. The price corrected gains and was trading below the 23.6% Fib retracement level resulting from the upward move from a low of $2,488 to a high of $2,680.

Ethereum price is currently trading above $2,600 and the 100-hour basic moving average. A converging bullish trend line is also forming on the hourly chart of ETH/USD with support at $2,530.

On the other hand, the price seems to be facing headwinds near the $2,650 level. The first major resistance is near the $2,680 level. The main resistance is currently forming near $2,720. A clear move above the resistance at $2,720 could push the price towards the resistance at $2,915.

An upward break above the resistance at $2,915 could trigger further gains in the coming sessions. In the given case, Ether may rise towards the resistance zone at $3,000.

Correction of declines in ETH?

If Ethereum fails to overcome the resistance at $2,680, it may begin a downward correction. Initial downside support is near the $2,600 level. The first major support is located near the $2,560 zone or the 61.8% Fib retracement level, representing an upward move from the $2,488 low to the $2,680 high.

A clear move below the support at $2,600 could push the price towards $2,550. Any further losses could push the price towards the $2,530 support level in the near future. The next key support is at $2,450.

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 2,600

Major resistance level – $2,680