Ethereum Price Shows Positive Signs Above $2,680 Level
Ethereum Price Analysis
- Ethereum is trading above $2,680, showing positive momentum.
- Current trading price is above $2,720 and the 100-hourly Simple Moving Average.
- A key rising channel has support at $2,725 on the hourly chart.
- An upward move is likely if Ethereum prices exceed $2,755 and $2,800.
Ethereum price has maintained support above $2,550 and recently surpassed resistance levels of $2,650 and $2,660. The price also exceeded the 50% Fibonacci retracement level from a recent downward wave, clearing the $2,720 resistance. Currently, it faces challenges near $2,755, which coincides with the 61.8% Fibonacci retracement level.
Key resistance levels are:
- $2,790
- $2,800 or $2,820
- If surpassed, potential gains could target $2,880 and possibly $2,920 or $3,000.
Conversely, failure to breach the $2,755 resistance may lead to another decline. Initial support is at $2,720, followed by major support at $2,665 and further down at $2,620 and $2,550.
Technical Indicators:
- Hourly MACD shows bullish momentum.
- Hourly RSI is above 50.
- Major Support Level: $2,720
- Major Resistance Level: $2,755
