Ethereum Price Turns Positive — More Upside Likely if Momentum Holds

Ethereum price started a fresh increase above the $2,550 zone. ETH is now consolidating gains and might aim for a fresh move above $2,620.

• Ethereum started a fresh increase above the $2,550 level.
• The price is trading above $2,580 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains supported above the $2,550 zone in the near term.

Ethereum price started a fresh increase above the $2,560 zone, beating Bitcoin. ETH price gained pace for a move above the $2,600 resistance zone and entered a positive zone.

The price even tested the $2,620 resistance. A high was formed at $2,627 and the price is now consolidating gains. It is stable above the 23.6% Fib retracement level of the upward move from the $2,515 swing low to the $2,627 high.

Ethereum price is now trading above $2,580 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $2,620 level. The next key resistance is near the $2,650 level. The first major resistance is near the $2,680 level. A clear move above the $2,680 resistance might send the price toward the $2,780 resistance.

An upside break above the $2,780 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 $2,620 resistance, it could start a fresh decline. Initial support on the downside is near the $2,570 level. The first major support sits near the $2,520 zone and the trend line.

A clear move below the $2,520 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 losing momentum in the bullish zone.

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

Major Support Level – $2,520

Major Resistance Level – $2,620