Ethereum Price Grinds Higher, Is This The Start Bulls Were Waiting For?

The NFT Unicorn shutterstock_1044002455 Ethereum Price Grinds Higher, Is This The Start Bulls Were Waiting For? Crypto News

Ethereum price is attempting a fresh increase above the $2,550 level. ETH could continue to move up unless there is a drop below the $2,525 support.

  • Ethereum is attempting a fresh increase above the $2,520 level.
  • The price is trading above $2,520 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move up if it clears the $2,600 and $2,620 resistance levels.

Ethereum Price Holds Support

Ethereum price remained well-supported above the $2,450 level. ETH outperformed Bitcoin and started a fresh increase above the $2,500 resistance zone.

There was a move above the $2,550 resistance and the 100-hourly Simple Moving Average. The price even broke the $2,600 level before the bears appeared. A high is formed near $2,614 and the price is now correcting gains. There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high.

Ethereum is still trading above $2,520 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the upward move from the $2,471 swing low to the $2,614 high.

On the upside, the price is facing resistance near the $2,600 level. The next major resistance is now near $2,620. A clear move above the $2,620 level might start a decent increase. In the stated case, the price could rise toward the $2,665 level.

Source: ETHUSD on TradingView.com

The main breakout zone is now forming near the $2,710 zone. A close above the $2,710 resistance could start another major increase. The next key resistance is near $2,780. Any more gains might send the price toward the $2,880 zone.

Fresh Decline in ETH?

If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,550 level and the trend line.

The next key support could be the $2,500 zone. A downside break below the $2,500 support might send the price further lower. In the stated case, Ether could test the $2,450 support. Any more losses might send the price toward the $2,350 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,540

Major Resistance Level – $2,620

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Source: NEWSBTC