Ethereum price is eyeing a fresh increase similar to Bitcoin. To continue higher, ETH must surpass $2,665 and aim for a new high. Currently trading above $2,620 and the 100-hourly Simple Moving Average, Ethereum broke above a connecting bearish trend line with resistance at $2,625.
The pair needs to remain above the $2,600 support to see a fresh upward move. The price found support at $2,550 and cleared the $2,600 resistance level. Though the upside movement was less compared to Bitcoin, ETH climbed above the 50% Fib retracement level from $2,700 to $2,554.
Despite trading above $2,620 and the 100-hourly Simple Moving Average, Ethereum faces hurdles near the $2,665 level, close to the 76.4% Fib retracement level from $2,700 to $2,554. Major resistance levels are at $2,700 and $2,720. An upside break above $2,720 could lead to more gains, potentially pushing the price to $2,780 or even $2,850 and $2,880 in the short term.
If Ethereum fails to clear the $2,665 resistance, it could face another decline. Initial support is near $2,600 and the 100-hourly Simple Moving Average, with major support at the $2,550 zone. A move below $2,550 could push the price toward $2,525, with more losses driving the price to $2,480. The next key support is at $2,440.
Technical indicators show the Hourly MACD losing momentum in the bullish zone, and the Hourly RSI dropping below the 50 zone, with major support at $2,600 and resistance at $2,665.
