Ethereum price is consolidating gains above the $2,580 resistance. ETH could gain pace if it clears the $2,650 resistance zone.
- Ethereum remained in a positive zone 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 key bullish trend line forming with support near $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it clears the $2,650 and $2,680 resistance levels.
Ethereum Price Aims For More Upsides
Ethereum price remained stable above the $2,550 pivot level like Bitcoin. ETH corrected some gains and tested the $2,550 support level. Recently, it started a fresh increase above the $2,580 and $2,600 resistance levels.
There was a move above the 50% Fib retracement level of the downward move from the $2,685 swing high to the $2,538 low. The bulls were able to push the price above the $2,620 resistance zone. Besides, there is a key bullish trend line forming with support near $2,600 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 $2,650 level. It is near the 76.4% Fib retracement level of the downward move 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 $2,600 level and the trend line. The first major support sits near the $2,570 zone. A clear move below the $2,570 support might push the price toward $2,550. Any more losses might send the price toward the $2,480 support level in the near term. The next key support sits at $2,420. Technical IndicatorsHourly 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 – $2,550 Major Resistance Level – $2,650