Ethereum Price Hits Support – Can It Launch a Fresh Move Higher?

Ethereum price started a fresh increase above the $2,520 zone. ETH is now correcting some gains and might aim for a fresh move above $2,580.

• Ethereum started a fresh increase above the $2,520 level.
• The price is trading below $2,550 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $2,530 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains supported above the $2,520 zone in the near term.

Ethereum price started a fresh increase above the $2,550 zone, like Bitcoin. ETH price gained pace for a move above the $2,565 resistance zone and entered a positive zone.

The bulls were able to push the price above the 61.8% Fib retracement level of the downward move from the $2,636 swing high to the $2,475 low. However, the bears remained active near the $2,600 resistance zone and protected more gains.

The price faced rejection near the 76.4% Fib retracement level of the downward move from the $2,636 swing high to the $2,475 low. Ethereum price is now trading below $2,550 and the 100-hourly Simple Moving Average.

ETH is now testing the $2,520 support. There is also a key bullish trend line forming with support at $2,530 on the hourly chart of ETH/USD. On the upside, the price could face resistance near the $2,550 level. The next key resistance is near the $2,580 level. The first major resistance is near the $2,600 level. A clear move above the $2,600 resistance might send the price toward the $2,650 resistance.

An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,720 resistance zone or even $2,800 in the near term.

If Ethereum fails to clear the $2,580 resistance, it could start a fresh decline. Initial support on the downside is near the $2,520 level. The first major support sits near the $2,500 zone.

A clear move below the $2,500 support might push the price toward the $2,450 support. Any more losses might send the price toward the $2,350 support level in the near term. The next key support sits at $2,320.

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 – $2,520

Major Resistance Level – $2,600