Ethereum Price Shows Positive Signs

Ethereum price is showing positive signs above the $2,650 zone, rising alongside Bitcoin and potentially starting another increase soon.

• Ethereum remains supported above the $2,620 zone.
• Currently trading above $2,680 and the 100-hourly Simple Moving Average.
• A key resistance level at $2,700 was broken on the hourly ETH/USD chart (data from Kraken).
• The price could see significant upward movement if it sustains above $2,725 and $2,755.

Ethereum Price Eyes Upside Break

Ethereum price has stayed supported above the $2,500 level, entering a bullish phase alongside Bitcoin. It surpassed the $2,620 resistance. There was a break above the key contracting triangle with resistance at $2,700 on the hourly chart.

ETH tested the 50% Fib retracement level from the recent high of $2,845 to the low of $2,605 and is trading above $2,680 and the 100-hourly SMA. However, it faces resistance near the $2,725 level.

The first significant resistance is at $2,755, or the 61.8% Fib retracement level. A stronger resistance forms near $2,800 to $2,820. A clear break above $2,820 could lead to a rise toward $2,880 and even $2,920 or $3,000 soon.

Another Decline In ETH?

If Ethereum cannot surpass the $2,755 resistance, it might decline again. Initial support is near $2,700, with major support at $2,660. Moving below $2,660 could push the price toward $2,620 or even $2,550, with the next key support at $2,500.

Technical Indicators

• Hourly MACD: Gaining bullish momentum.
• Hourly RSI: Currently above the 50 mark.
• Major Support Level: $2,660
• Major Resistance Level: $2,755