Ethereum price is consolidating gains above the $2,575 support. ETH could start a major rally if there is a close above the $2,700 resistance.
- Ethereum is consolidating gains above the $2,575 support zone.
- The price is trading above $2,620 and the 100-hourly Simple Moving Average.
- There is a short-term breakout pattern forming with resistance at $2,640 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it stays above the $2,575 support zone.
Ethereum Price Eyes Another Increase
Ethereum price gained pace above the $2,600 level and traded close to the $2,700 resistance zone. ETH traded as high as $2,681 before it started a downside correction.
There was a move below the $2,640 and $2,620 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $2,472 swing low to the $2,681 high, like Bitcoin. However, the bulls were active near the $2,600 zone.
Another Decline In ETH?
If Ethereum fails to clear the $2,640 resistance, it could start another decline. Initial support on the downside is near the $2,620 level.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 level.
Major Support Level – $2,600 Major Resistance Level – $2,640