Ethereum Price Pops Above $2,700: Are Bulls Back in Control?

Ethereum price started a fresh increase above the $2,550 zone. ETH is now consolidating and eyes more gains above the $2,740 resistance.

• Ethereum started a fresh increase above the $2,700 level.
• The price is trading above $2,600 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh surge if it clears the $2,740 zone in the near term.

Ethereum price started a fresh increase after it found support near the $2,400 level, like Bitcoin. ETH price was able to clear the $2,500 and $2,550 resistance levels.

The bulls pushed the price above $2,650. ETH even spiked above $2,700. A high was formed at $2,731 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2,482 swing low to the $2,731 high.

Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $2,720 level. The next key resistance is near the $2,740 level. The first major resistance is near the $2,750 level. A clear move above the $2,750 resistance might send the price toward the $2,840 resistance.

An upside break above the $2,840 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,880 resistance zone or even $2,920 in the near term.

If Ethereum fails to clear the $2,740 resistance, it could start a fresh decline. Initial support on the downside is near the $2,640 level. The first major support sits near the $2,580 zone and the 61.8% Fib retracement level of the upward move from the $2,482 swing low to the $2,731 high.

A clear move below the $2,580 support might push the price toward the $2,540 support. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,350.

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 – $2,640

Major Resistance Level – $2,740