Ethereum Price Readies for Takeoff — Bulls Eye Fresh Highs

Ethereum price started a fresh increase above the $2,485 zone. ETH is now consolidating gains and might soon aim for a move above the $2,520 resistance.

• Ethereum started a fresh upward move above the $2,465 level.
• The price is trading above $2,460 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $2,450 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains stable above the $2,400 zone in the near term.

Ethereum price started a fresh increase above the $2,440 support level, like Bitcoin. ETH price was able to clear the $2,460 and $2,480 resistance levels to move into a positive zone.

The bulls even pushed the price above the $2,500 zone. However, the bears were active near the $2,520 level. A high was formed at $2,522 and the price is now consolidating gains. The price dipped below the 23.6% Fib retracement level of the upward move from the $2,435 swing low to the $2,522 high.

Ethereum price is now trading above $2,460 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,450 on the hourly chart of ETH/USD. It is close to the 76.4% Fib retracement level of the upward move from the $2,435 swing low to the $2,522 high.

On the upside, the price could face resistance near the $2,520 level. The next key resistance is near the $2,550 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 $2,680 resistance.

An upside break above the $2,680 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone or even $2,800 in the near term.

If Ethereum fails to clear the $2,520 resistance, it could start a fresh decline. Initial support on the downside is near the $2,450 level and the trend line. The first major support sits near the $2,420 zone.

A clear move below the $2,420 support might push the price toward the $2,400 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 losing momentum in the bullish zone.

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

Major Support Level – $2,420

Major Resistance Level – $2,520