Ethereum Price Surpasses $2,600 Amid Bitcoin Rally
Ethereum price increased above the $2,550 resistance level, following Bitcoin's rally but with less strength.
- Ethereum has risen above the $2,600 zone.
- The price is trading above $2,550 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $2,520 on the ETH/USD hourly chart (data feed via Kraken).
- Further rises are possible if it surpasses the $2,630 and $2,650 resistance levels.
Ethereum Price Movement
Ethereum established support above $2,450 and began an upward trend similar to Bitcoin. It climbed past the $2,500 and $2,550 resistance levels, entering a positive zone.
The price increased by over 5%, reaching a high of $2,630 and maintaining gains above the 23.6% Fib retracement level from the $2,487 swing low to the $2,630 high.
Currently, Ethereum is trading above $2,550 and the 100-hourly Simple Moving Average. A bullish trend line with support at $2,520 is also present on the hourly chart.
Resistance near the $2,630 level poses challenges. Initial major resistance is at $2,650, with primary resistance forming around $2,720. A clear move above $2,720 could lead to a rise toward $2,880.
An upward breakout above $2,880 may result in further gains, potentially leading Ether toward the $2,950 resistance zone.
Potential Downside Correction
If Ethereum does not exceed the $2,650 resistance, a downside correction may occur. Initial support is near $2,595, while major support lies at $2,550 or the 50% Fib retracement level from the $2,487 swing low to the $2,630 high.
A significant drop below $2,550 could push the price down to $2,520, with further declines potentially reaching the $2,450 support level. The next key support area is at $2,320.
Technical Indicators:
Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is above the 50 zone.
Major Support Level: $2,550
Major Resistance Level: $2,650