Ethereum Price Consolidation In Progress—Uptrend Resuming Soon?
Ethereum prices show positive signs in the region above $2,680. ETH is growing, and a rise above $2,755 may trigger bullish moves.
- Ethereum is still showing positive signs of a region above $2,650.
- Prices traded above $2,720, while the 100-hour simple moving average.
- On the hourly chart of ETH/USD (via Kraken’s data feed), there is a key upward channel with support of $2,725.
- If the couple drops at $2,755 and $2,800, then you can start a nice move.
Ethereum price rises
Ethereum prices are still supported by the $2,550 level and have recently started good moves but underperformed Bitcoin. ETH’s pace exceeded the resistance levels of $2,650 and $2,660.
Price even brings down the 50% FIB retracement level to the $2,845 swing higher to the $2,604 low. Resistance levels above $2720 also have a move. Additionally, the price follows a key uptrend, which supports $2,725 on the hourly chart of ETH/USD.
Ethereum price is now trading at over $2,720. 100 hours simple moving average. On the plus side, the price seems to be facing a $2,755 hurdle. It approached the 61.8% FIB retracement level of the downward wave, from a swing of $2,845 to $2,604.
The first major resistance is close to the $2,790 level. Now the formation of the main resistor is close to $2,800 or $2,820. A noticeable move to resistors above $2,820 could shift the price to resistors at $2,880. A rise in resistance over $2,880 could demand more gains in the upcoming meeting. In the case of statements, ether could rise toward the $2,920 resistance zone or even $3,000 in the short term.
Another drop in ETH?
If Ethereum fails to clear the $2,755 resistance, it may drop again. The initial support for the adverse aspects is close to the $2,720 level. The first major support is located near the $2,665 area.
A clear move to support below $2,665 could push the price to $2,620 support. In the near term, more losses could shift the price to the support level of $2,550. The next key supports $2,500.
Technical Indicators
Hourly MACD – MACD of ETH/USD is gaining momentum in bullish regions.
Hourly RSI – The RSI of ETH/USD is now above the 50 area.
Main support level – $2,720
Main resistance level – $2,755
