Ethereum recovered more than $2,400 in losses against the US dollar. The price of Ethereum is on the rise, but must not exceed $2,550 to continue its steady climb.
- Ethereum continues to move higher toward the $2,550 and $2,500 resistance levels.
- The daily simple moving average is at 100 hours and the price trades below $2,500
- On the hourly chart of Ethereum/USD, there was an upward movement above a significant bearish trend line. Resistance near $2,500 was seen (data feed via Kraken).
- A clear break above $2,550 would allow the pair to rise steady.
Ethereum price faces resistance
Ethereum reached support at $2,150. This supported a solid recovery. ETH managed to surpass the resistance levels of $2,250 and 2,350.
The Fib retracement level at 23.6% of the recent fall from $2.547 swing high to low, $2.160, was clearly above. On the hourly chart of Ethereum/USD, there was an upward movement above a significant bearish trend line that provided resistance close to $2,500.
The exchange rate is currently trading at $2,500 below the simple moving average of 100 hours. The $2,500 mark is the nearest resistance.
At the $2550 level, there is an initial major resistance. The steady rise could be initiated by a clear break above the $2550 level. If the case is true, then the pair might rise to $2,720. This is at the 50% Fib Retracement level for the recent fall from the $2.547 swing high, to $2.160 low.
Source: TradingView.com, ETHUSD
Bullish momentum could be achieved if the upside breakout occurs above the $2,720 resistance zone. Near the $2,850 mark is the next significant resistance. Gains of any kind could push the price up to $3,000.
Fresh Dip in the ETH
It could begin a new decline if ethereum does not start a wave of recovery above $2,500. Initial support is at the $2,420 mark.
Near the $2320 level, we see the formation of the first important support. A sharp fall could be triggered by a downside breakout below $2,320. Near the $2,200 level could be the next support area for bulls. Losses could lead to a price increase of up to $2,150.
Technical indicators
Minutely MACD – In the bullish zone, the MACD of ETH/USD has been losing momentum.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $2,320
Major Resistance Level – $2,550
