Ethereum Price Consolidation In Progress—Uptrend Resuming Soon?

Ethereum price is showing positive signs above the $2,680 zone. ETH is gaining pace and an upside break above $2,755 could trigger bullish moves.

• Ethereum is still showing positive signs above the $2,650 zone.
• The price is trading above $2,720 and the 100-hourly Simple Moving Average.
• There is following a key rising channel with support at $2,725 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a decent upward move if it settles above $2,755 and $2,800.

Ethereum price remained supported above the $2,550 level and recently started a decent upward move, but it underperformed Bitcoin. ETH gained pace above the $2,650 and $2,660 resistance levels.

The price even cleared the 50% Fib retracement level of the downward wave from the $2,845 swing high to the $2,604 low. There was also a move above the $2,720 resistance level. Besides, the price is following a key rising channel with support at $2,725 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,720 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,755 level. It is close to the 61.8% Fib retracement level of the downward wave from the $2,845 swing high to the $2,604 low.

The first major resistance is near the $2,790 level. The main resistance is now forming near $2,800 or $2,820. A clear move above the $2,820 resistance might send the price toward the $2,880 resistance. An upside break above the $2,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,920 resistance zone or even $3,000 in the near term.

If Ethereum fails to clear the $2,755 resistance, it could start another decline. Initial support on the downside is near the $2,720 level. The first major support sits near the $2,665 zone.

A clear move below the $2,665 support might push the price toward the $2,620 support. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,720

Major Resistance Level – $2,755