BCGAME - Free 5BTC Daily Bonus!Ethereum outperformed bitcoin and rebounded above the $2.550 resistance against the US Dollar. ETH price tested $2.700 and is now correcting gains.
- Ethereum surged to the $2.700 level before starting a bearish correction.
- The price is still trading above $2.500 and the 100 hourly simple moving average.
- There is a large uptrend line forming with support near $2.450 on the ETH/USD hourly chart (data feed via Kraken).
- The pair is likely to start a new rise to $2.500 or $2.450 in the near term.
In this article, we will discuss:
Ethereum price is correcting gains
Ethereum formed a base of support above $2.400 and started a new rise, outpacing bitcoin. ETH price gained momentum and broke the key resistance levels of $2.500 and $2.550.
The price even rose above the $2.600 level and the 100 hourly simple moving average. It opened the door for further gains and the price traded as high as $2.700. It is now correcting gains from the $2.700 resistance zone.
There was a break below the $2.620 and $2.600 support level. A low is formed near $2.508 and the price is now consolidating. Ether is testing the 23,6% Fib retracement level from the recent decline from $2.700 to $2.508.
There is also a large bullish trend line forming with support near $2.450 on the hourly ETH/USD chart. On the upside, the first key resistance is near the $2.600 level. It is close to the 50% Fib retracement level of the recent decline from $2.700 to $2.508.
The main resistance is now forming near the $2.630 level. A clear break and close above $2.630 could start another steady rise. In the stated case, the price could easily rise to the $2.700 level. The next key resistance is near the $2.780 level, above which the price might test $2.880 in the short term.
More ETH earnings?
If ethereum fails to continue above $2.600, it could extend its decline. An immediate support on the downside is near the $2.510 level.
The first major support is near the $2.500 and $2.480 levels. The next key support is near the $2.450 level and the 100 hourly simple moving average. A clear downside break below the $2.450 support zone could take the price towards the $2.320 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely to move back into the bullish zone.
Hourly RSI – The RSI for ETH/USD is now close to the 50 level.
Main Support Level - $2.500
Major Resistance Level - $2.630
