Ethereum Price Surges Above $2,550 Amid Consolidation Efforts
Ethereum price increased from the $2,375 zone, currently above $2,550 but facing resistance at $2,620.
- ETH is trading above $2,550 and the 100-hourly Simple Moving Average.
- A short-term contracting triangle is forming with support at $2,560 on the ETH/USD hourly chart.
- If it remains above $2,550, there is potential for further price increases.
Market Movement
Ethereum's price gained momentum after surpassing the $2,500 resistance. Key points include:
- The price crossed the 76.4% Fib retracement level from a recent low of $2,372 to a high of $2,523.
- A high of $2,614 was formed, indicating consolidation above $2,550.
- Resistance is noted around $2,615 and $2,650, with significant resistance at $2,665.
- A break above $2,720 could lead to gains toward $2,750 or $2,800.
Potential Decline
If Ethereum does not breach $2,615, it may decline. Key levels include:
- Initial support at $2,560.
- Major support at $2,550.
- A drop below $2,550 could target $2,520, with further losses aiming for $2,450 and then $2,350.
Technical Indicators
- Hourly MACD shows decreasing bullish momentum.
- Hourly RSI is above the 50 mark.
Major support is at $2,550 and major resistance at $2,615.