Ethereum price is consolidating gains above the $2,550 resistance. ETH could gain pace if it clears the $2,650 resistance zone.
- Ethereum started a fresh increase above the $2,550 and $2,580 resistance levels.
- The price is trading above $2,600 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support near $2,610 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rally if it clears the $2,650 and $2,680 resistance levels.
Ethereum Price Eyes More Upsides
Ethereum price remained stable above the $2,550 pivot level like Bitcoin. ETH cleared the $2,600 and $2,620 resistance levels. The price even spiked above $2,650 before there was a downside correction.
The price is again rising and trading above the $2,600 level. The bulls were able to clear the 50% Fib retracement level of the downward wave from the $2,685 swing high to the $2,538 low. There is also a connecting bullish trend line forming with support near $2,610 on the hourly chart of ETH/USD.Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,635 level. The first major resistance is near the $2,650 level or the 76.4% Fib retracement level of the downward wave from the $2,685 swing high to the $2,538 low.
Another Drop In ETH?
If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,610 level and the trend line. The first major support sits near the $2,575 zone.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,575 Major Resistance Level – $2,650
