Ethereum Price Grinds Higher, Is This The Start Bulls Were Waiting For?

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Ethereum price is attempting a fresh increase above the $2,550 level. ETH could continue to move up unless there is a drop below the $2,525 support.

  • Ethereum is attempting a fresh increase above the $2,520 level.
  • The price is trading above $2,520 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move up if it clears the $2,600 and $2,620 resistance levels.

Ethereum Price Holds Support

Ethereum price remained well-supported above the $2,450 level. ETH outperformed Bitcoin and started a fresh increase above the $2,500 resistance zone.

There was a move above the $2,550 resistance and the 100-hourly Simple Moving Average. The price even broke the $2,600 level before the bears appeared. A high is formed near $2,614 and the price is now correcting gains. There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high.

Ethereum is still trading above $2,520 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high.

On the upside, the price is facing resistance near the $2,600 level. The next major resistance is now near $2,620. A clear move above the $2,620 level might start a decent increase. In the stated case, the price could rise toward the $2,665 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The main breakout zone is now forming near the $2,710 zone. A close above the $2,710 resistance could start another major increase. The next key resistance is near $2,780. Any more gains might send the price toward the $2,880 zone.

Fresh Decline in ETH?

If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,550 level and the trend line.

The next key support could be the $2,500 zone. A downside break below the $2,500 support might send the price further lower. In the stated case, Ether could test the $2,450 support. Any more losses might send the price toward the $2,350 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,540

Major Resistance Level – $2,620

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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