Ethereum started a steady rise and cleared the $2,550 resistance against the US Dollar. ETH price is now struggling to climb above $2,650 and the 100 hourly SMA.
- Ethereum gained momentum above the $2,500 and $2,550 resistance levels.
- The price is struggling to settle above $2,600 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must settle above $2,600 and the 100-hours SMA to continue higher in the near term.
Ethereum price facing hurdles
Ethereum closed above the $2,450 level and continued its upward move. ETH broke the $2,500 and $2,550 resistance levels to move into a positive zone.
There was a break above the 50% Fib retracement level of the key decline from the $2,850 high to $2,310 low. The price also climbed above the $2,600 level and the 100 hourly simple moving average. However, Ether failed to hold steady above $2,600.
It is now trading below the $2,600 level and the 100 hourly simple moving average. There is a bullish trend line forming with support near $2,500 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On an upside, the price should settle above the $2,600 level and the 100 hourly SMA. The next major resistance is near the $2,650 level. It is near the 61.8% Fib retracement level of the key decline from the $2,850 high to $2,310 low.
A clear upside break above $2,600 and $2,650 could start a strong rise in the near term. The next major resistance could be the $2,720 level, above which the price could revisit the $2,880 level.
Dips Limited in ETH?
If Ethereum fails to clear the $2,600 and $2,650 resistance levels, there could be a downside. On the downside, an initial support is near the $2,550 level.
The first major support is near the $2,500 level and the trend line. A downside break below the trend line could increase selling pressure and drop Ether towards $2,400.
hourly macd – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
hourly rsi – The RSI for ETH/USD is currently near the 50 level.
Key Support Level – $2,500
Key Resistance Level – $2,650