Ethereum price started a steady increase above the $2,450 resistance. ETH is holding gains and could 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 the $2,440 level 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 from Kraken).
The pair needs to gain bullish momentum above the $2,520 and $2,550 resistance levels.
Ethereum Price Regains Its Appeal
Ethereum price formed a base above $2,350 and started to rise again. ETH broke through the $2,420 and $2,450 resistance levels to move into positive territory, beating Bitcoin.
The bulls even pushed the price above the $2,500 level. A high was formed at $2,518 and the price is currently consolidating its gains. The price settled above the 23.6% Fib retracement level of the upward move from the $2,436 swing low to $2,518 high.
Ethereum price is currently 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 could lead the price towards the $2,580 resistance. A break above the $2,580 resistance could lead to more gains in the coming sessions. In that case, Ether could rise towards the $2,620 resistance zone in the near term. The next major resistance is near the $2,650 or $2,720 levels.
Another ETH pullback?
If Ethereum fails to clear the $2,520 resistance, it could start another decline. The initial support on the downside is near the $2,480 level. The first major support is near the $2,455 area and the trend line or the 76.4% Fib retracement level of the upward move from the $2,436 swing low to $2,518 high.
A clear move below the $2,435 support could push the price towards $2,420. Any further losses could push the price towards the $2,350 support in the near term. The next important support level lies at $2,250.
Technical indicators
Hourly MACD â The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI â The RSI for ETH/USD is currently above the 50 zone.
Major Support Level â $2,455
Major Resistance Level â $2,520
