Why more profit seems possible


Ethereum started a steady rise above the USD 2,650 resistance against the US dollar. ETH price could rise further if there is a clear move above the USD 2,800 level.

Ethereum gained pace above the $2,600 and $2,650 resistance levels. The price is still trading above $2,650 and the 100 hourly simple moving average. A major bullish trendline is forming with support near $2,580 on the ETH/USD hourly chart (data feed via Kraken). The pair could see gains if it crosses the USD 2,800 resistance zone.

Ethereum Price Gaining Momentum

Ethereum held up well near the USD 2,500 level. As a result, ETH started a steady rise above the USD 2,600 resistance zone, similar to bitcoin. The bulls pumped the price above the $2,650 barrier and the 100 hourly simple moving average.

The upward move was such that the price even crossed above the $2,700 level. It highs near $2,766 and ether price is now consolidating gains. It is trading well above the 23.6% Fib retracement level from the upward move from the $2,478 swing low to $2,766 high.

Additionally, a major bullish trendline is forming with support near USD 2,580 on the ETH/USD hourly chart. The pair is also trading above USD 2,650 and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $2,780 level. The first major resistance is near the USD 2,800 level. A clear move above the USD 2,800 resistance could push the price further. In the mentioned case, the pair could even surpass the USD 2,850 level.

The next major hurdle could be $2,920, above which the bulls may attempt a test of the key $3,000 resistance zone in the near term.

Dips limited in ETH?

If ethereum fails to start a fresh rise above the $2,780 level, it could trigger a downside correction. An initial support on the downside is near the USD 2,700 level.

The first major support is now forming near the USD 2,640 level. It is near the 50% Fib retracement level of the upward move from the $2,478 swing low to $2,766 high. If there is a downside breach below the $2,640 level, the price will fall towards the $2,500 level.

Technical indicators

Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 50 level.

Major Support Level – $2,650

Major Resistance Level – $2,780

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