Ethereum is witnessing a promising rise above the $2,550 mark, even as Bitcoin experiences a dip. The cryptocurrency seems to be facing hurdles at the $2,640 and $2,665 marks.
A fresh increase above the $2,550 level has been initiated by Ethereum. Currently, the price is trading above $2,550 and the 100-hourly Simple Moving Average. An important rising channel is being formed with a support at $2,600 on the hourly chart of ETH/USD (data from Kraken).
Losses could be extended if the cryptocurrency trades below the $2,600 support zone in the near term. Ethereum’s price began a significant upward shift above the $2,500 zone, overtaking Bitcoin. The ETH price managed to ascend above the resistance levels of $2,520 and $2,550.
The price even broke the resistance at $2,600 and came close to the $2,665 level. A high of $2,677 was achieved, and the gains are now being consolidated. There was a minor drop below the $2,620 level. The price went below the $2,620 level and the 23.6% Fib retracement level of the upward move from the $2,476 swing low to the $2,677 high.
Resistance is expected near the $2,640 mark on the upside. The next noteworthy resistance is close to the $2,665 mark. The first significant resistance is near the $2,720 level. If a clear move above the $2,720 resistance is accomplished, the price could be propelled towards the $2,780 resistance.
A break above the $2,780 resistance could pave the way for further increases in future sessions. In such a scenario, Ethereum might rise towards the $2,880 resistance zone or even $2,920 in the near term.
If Ethereum cannot clear the $2,665 resistance, a fresh decline could be initiated. Initial support on the downside is near the $2,600 mark. Major support lies near the $2,575 zone and the 50% Fib retracement level of the upward move from the $2,476 swing low to the $2,677 high.
A clear move below the $2,575 support might push the price towards the $2,500 support. Any further losses might thrust the price towards the $2,420 support level in the near term. The next major support is at $2,350.
Technical Indicators:
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,575
Major Resistance Level – $2,665
