This article is also available in Spanish. Ethereum price continues to rise above the $2,650 resistance level; now ETH is consolidating gains and may be targeting above $2,700.
Hourly chart of ETH/USD (Kraken data) shows a short-term tapering triangle with support at $BTC #ETH , like #bitcoin , started a downward correction from the high of $2,701. The price fell below the 50% retracement level of the upward wave fib from the low of $2,528 to the high of $2,700. However, the bulls were active around the support zone of $BTC The price tested the 61.8% retracement level of the upward wave retracement from the low of $2,528 to the high of $2,700 and is currently rising. The #Ethereum price is currently trading above the 100-hour simple moving average at $BTC In addition, a short-term narrowing triangle with support at $2,620 has formed on the hourly chart of ETH/USD. On the upside, the pair is likely to face a headwind near $2,660. The first key resistance is near the $2,700 level. The next key resistance is near the $2,720 level.
A break above the $2,720 level could lead to a price rally. In this case, Ether may rise to the $2,800 resistance zone in the short term. The next hurdle is around $2,850 or $2,880.
If Ethereum fails to overcome the resistance of $2,680, another fall may begin. Initial downside support is around the $2,620 level and the triangle trend line. The initial major support is located near the $2,600 level.
A break below the $2,600 support level may lead to a price decline to $2,550. In case of further losses, the price may head towards the support level of $2,525 in the short term. The next major support is at the $ 2,450 level.
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