Ethereum price started a steady increase above the $2,450 resistance. ETH is holding gains and might gain bullish momentum above $2,520.
- Ethereum started a steady increase above the $2,420 and $2,450 resistance levels.
- The price is trading above $2,440 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support near $2,455 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must gain bullish momentum above the $2,520 and $2,550 resistance levels.
Ethereum Price Regains Traction
Ethereum price formed a base above the $2,350 level and started a fresh increase. ETH cleared the $2,420 and $2,450 resistance levels to move into a positive zone, beating Bitcoin.
The bulls even pushed the price above the $2,500 level. A high was formed at $2,518 and the price is now consolidating gains. The price is stable above the 23.6% Fib retracement level of the upward move from the $2,436 swing low to the $2,518 high.
Ethereum price is now trading above $2,450 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,455 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,520 level. The first major resistance is near the $2,550 level. A clear move above the $2,550 resistance might send the price toward the $2,580 resistance. An upside break above the $2,580 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,620 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,720.
Another Pullback In ETH?
If Ethereum fails to clear the $2,520 resistance, it could start another decline. Initial support on the downside is near the $2,480 level. The first major support sits near the $2,455 zone and the trend line or the 76.4% Fib retracement level of the upward move from the $2,436 swing low to the $2,518 high.
A clear move below the $2,435 support might push the price toward $2,420. Any more losses might send the price toward the $2,350 support level in the near term. The next key support sits at $2,250.
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 – $2,455
Major Resistance Level – $2,520
Source: NewsBTC.com
