Ethereum Price Eyes Key Breakout—Will Momentum Lead to a Surge?
Ethereum prices show positive signs in the region above $2,620. ETH beats Bitcoin and may increase again in the short term.
- Ethereum is still showing positive signs above the $2,600 region.
- Prices trade above the $2,650 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD, there is a key shrinkage triangle forming with a resistance of $2,700 (via Kraken’s feed).
- If the couple is over $2,700 and over $2,725, the couple may start a good move.
Ethereum prices are still supported
Ethereum price tries to exceed $2,750 new value, beat Bitcoin. ETH broke the $2,780 resistance but failed to clear the $2,850 resistance zone.
The high price was established at $2,847 and the price began to drop. Relocations below the $2,700 and $2,650 support levels. The low price is $2,605 and the current price is consolidating earnings. From the swing high of $2,845 to the low of $2,605, the downward movement rate is above the 23.6% FIB retracement level.
Ethereum price is now trading above $2,650, and 100 hours simple moving average. On the plus side, the price seems to face a $2,700 hurdle. On the hourly chart of ETH/USD, there is also a key contraction triangle forming with a resistance of $2,700.
The first major resistance is from the $2,725 level or 50% FIB retracement level, from the $2,845 swing high to the $2,605 low. Now the formation of the main resistor is close to $2,750 or $2,755.
A noticeable move to resistors above $2,755 could shift the price to resistors at $2,850. A rise in resistors above $2,850 could demand more gains in the upcoming meeting. In the case of statements, ether may rise toward the $3,000 resistance zone or even $3,050 in the short term.
Is there another game?
If Ethereum fails to clear the $2,725 resistance, it may drop again. The initial support for disadvantages is close to the $2,660 level. The first major support is located near the $2,600 area.
A clear move to support below $2,600 could push the price to $2,550 support. In the short term, more losses may shift the price to the support level of $2,500. The next key supports $2,440.
Technical Indicators
Hourly MACD – MACD of ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI of ETH/USD is now above the 50 area.
Main support level – $2,660
Main resistance level – $2,725
