Ethereum price is holding gains above the $2,650 resistance. ETH is now consolidating gains and might aim for more gains above $2,700.
The price is trading above $2,620 and the 100-hourly Simple Moving Average. There is a short-term contracting triangle forming with support at $2,620 on the hourly chart of ETH/USD. The pair must stay above the $2,600 support to continue higher in the near term.
Ethereum price extended its increase and climbed toward the $2,700 level before the bears appeared. ETH started a downside correction from the $2,701 high like Bitcoin. There was a drop below the $2,640 level. The price spiked below the 50% Fib retracement level of the upward wave from the $2,528 swing low to the $2,700 high. However, the bulls were active near the $2,600 support zone.
The price tested the 61.8% Fib retracement level of the upward wave from the $2,528 swing low to the $2,700 high and is currently rising. Ethereum price is now trading above $2,620 and the 100-hourly Simple Moving Average. There is also a short-term contracting triangle forming with support at $2,620 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,660 level. The first major resistance is near the $2,700 level. The next key resistance is near $2,720. An upside break above the $2,720 resistance might call for more gains. In the stated case, Ether could rise toward the $2,800 resistance zone in the near term. The next hurdle sits near the $2,850 level or $2,880.
If Ethereum fails to clear the $2,680 resistance, it could start another decline. Initial support on the downside is near the $2,620 level and the triangle’s trend line. The first major support sits near the $2,600 zone. A clear move below the $2,600 support might push the price toward $2,550. Any more losses might send the price toward the $2,525 support level in the near term. The next key support sits at $2,450.
Technical indicators show that the hourly MACD for ETH/USD is gaining momentum in the bullish zone, and the RSI is now above the 50 zone.
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