$ETH
Ether price extended gains and climbed above the $2,700 level before the bears emerged. ETH started a downside correction from the $2,702 high like Bitcoin.
It declined below the $2,640 level. The price surged below the 50% Fibonacci retracement level of the upward wave from the $2,528 low to $2,700 high. However, the bulls are active near the $2,600 support area.
The price tested the 61.8% Fibonacci retracement level of the upward wave from the $2,528 swing low to $2,700 high and it is currently rising. Ethereum price is currently trading above the $2,620 level and the 100 hourly simple moving average.
A short-term contracting triangle has also formed on the ether hourly chart with support at $2,620. On the upside, the price seems to be facing resistance near $2,660. The first major resistance is near $2,700. The next key resistance is near $2,720.
A break above the $2,720 resistance could lead to more gains. In this case, Ether could rise to the $2,800 resistance in the near term. The next hurdle is near $2,850 or $2,880.
