Ethereum price started a fresh upward move above the $2,500 resistance. ETH is now gaining pace above $2,600 and might continue to rise. Ethereum started another increase from the $2,400 resistance. The price is trading above $2,550 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. The pair must clear the $2,650 resistance to continue higher in the near term.
Ethereum price remained well-supported and extended its increase, beating Bitcoin. ETH was able to clear the $2,450 and $2,500 resistance levels. The bulls even pushed the price above the $2,500 resistance. Recently, it was able to surpass the 76.4% Fib retracement level from the $2,633 swing high to the $2,528 low. The price is now showing positive signs and trading above the recent swing high of $2,633.
On the upside, the price seems to be facing hurdles near the $2,650 level. The first major resistance is near the $2,680 level. The next key resistance is near $2,720. An upside break above the $2,720 resistance might call for more gains, potentially rising toward the $2,800 resistance zone in the near term.
If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near $2,590. The first major support sits near the $2,550 zone. A clear move below the $2,550 support might push the price toward $2,525. Any more losses might send the price toward the $2,450 support level and the next key support at $2,320.
Technical indicators: Hourly MACD is gaining momentum in the bullish zone. Hourly RSI is now above the 50 zone. Major support level is $2,525, and major resistance level is $2,650.
