Ethereum Price Gearing Up for Gains—Can Bulls Sustain The Momentum?
Ethereum prices are above $2,600 in the region. If ETH clears the $2,800 resistance zone, ETH may gain bullish momentum.
- Ethereum has begun a new increase in resistance levels above $2,650.
- Prices trade above $2,680 and the 100-hour simple moving average.
- At the key bearish trend line, there is a breakout, with resistance on the hourly chart of ETH/USD (via Kraken’s feed).
- If the couple settles at $2,780 and above $2,800, you can start a nice move forward.
More benefits from Ethereum prices
Ethereum prices are still supported over $2500, e.g. Bitcoin. ETH formed a base and recently began a brand new growth in resistance levels above $2,600 and $2,620.
There is a breakthrough above Key bearish trend lines On the hourly chart of ETH/USD, the resistance is $2,680. The Bulls put this pair above the $2,700 level. It traded up to $2,794, and then a smaller callback appeared. Prices below $2,750.
The 23.6% FIB retracement level of upward waves is below the $2,550 swing speed to a height of $2,794. Ethereum prices are now trading above $2,680, and so is the simple moving average of 100 hours.
On the plus side, the price seems to be facing a $2,750 hurdle. The first major resistance is close to the $2,780 level. Now the formation of the main resistor is close to $2,800 or $2,820. A noticeable move above $2,820 resistors may shift the price to $2,920 resistors.
A rise in resistance over $2,920 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.
Another drop in ETH?
If Ethereum fails to clear the $2,780 resistance, it may drop again. The initial support for disadvantages is close to the $2,675 level, or the 50% FIB retracement level of upward waves is low from the $2,550 swing as high as $2,794. The first major support is located near the $2,640 area.
A clear move to support below $2,640 could push the price to $2,600 support. In the near term, more losses could shift the price to the support level of $2,550. The next key supports $2,440.
Technical Indicators
Hourly MACD – MACD of ETH/USD is losing momentum in bullish areas.
Hourly RSI – The RSI of ETH/USD is now above the 50 area.
Main support level – $2,675
Main resistance level – $2,780
