Ethereum Price Surges Above $2,580 Resistance Level
Ethereum price is increasing above the $2,580 resistance but remains below its all-time high, while Bitcoin approaches its ATH.
- ETH has begun an increase above the $2,620 level.
- The price is trading above $2,580 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $2,530 on the hourly ETH/USD chart (data feed via Kraken).
- The pair could rise further if it surpasses the $2,650 and $2,680 resistance levels.
Ethereum Price Movement
Ethereum formed a base above $2,465 and initiated an increase, similar to Bitcoin. The price rose above $2,550 and $2,580, moving into a positive zone.
The price increased over 5% and reached a high of $2,680 but has struggled to maintain momentum. Following this, it corrected below the 23.6% Fib retracement level from the $2,488 swing low to the $2,680 high.
Currently, Ethereum trades above $2,600 and the 100-hourly Simple Moving Average, supported by a bullish trend line at $2,530 on the hourly chart.
Resistance near $2,650 presents challenges, with major resistance at $2,680 and primary resistance at $2,720. A breakout above $2,720 may lead to movement toward $2,915.
A successful break above $2,915 may lead to further gains, potentially targeting the $3,000 resistance zone.
Potential Downside Correction
If Ethereum cannot overcome the $2,680 resistance, a downside correction may occur. Initial support is around $2,600, with major support at $2,560 or the 61.8% Fib retracement level from the $2,488 swing low to the $2,680 high.
A move below $2,600 could push the price toward $2,550, with further declines potentially reaching the $2,530 support level, followed by key support at $2,450.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is now above the 50 zone.
Major Support Level: $2,600
Major Resistance Level: $2,680