Ethereum price is expecting a fresh surge, just like Bitcoin. ETH needs to break above $2,665 to continue its gains and reach a recent high in the near future.
- Ethereum is aiming for a fresh rally above the $2,665 level.
- The price is above $2,620 and the 100-hour elementary moving average.
- There was a break above the converging bearish trend line with resistance at $2,625 on the ETH/USD hourly chart (data fed via Kraken).
- To start a recent rally in the near future, the pair needs to stay above the support at $2,600.
Ethereum price has more advantages
Ethereum price found support near the $2,550 level and started a recent rally, just like Bitcoin. ETH was able to break the $2,600 resistance level, but the gains were smaller compared to BTC.
The price rose above the 50% Fib retracement level as part of a move down from a high of $2,700 to a low of $2,554. Additionally, there was a break above the converging bearish trend line with resistance at $2,625 on the ETH/USD hourly chart.
Ethereum price is currently trading above $2,620 and the 100-hour elementary moving average. On the downside, the price seems to be facing headwinds near the $2,665 level. It is near the 76.4% Fib retracement level, which is a downward move from a high of $2,700 to a low of $2,554.
The first major resistance is near the $2,700 level. The next key resistance is around $2,720. An upward break above the resistance at $2,720 could trigger further gains in the coming sessions. In the above case, Ether may rise towards the resistance zone at $2,780 in the near future. The next hurdle is near the $2,850 or $2,880 level.
Another ETH drop?
If Ethereum fails to break through the resistance at $2,665, another decline could begin. Initial downside support is located near the $2,600 level and the 100-hour elementary moving average. The first major support is located near the $2,550 zone.
A clear move below the support at $2,550 could push the price towards $2,525. Any further losses could push the price towards the $2,480 support level in the near future. The next key support is at $2,440.
Technical indicators
Hourly MACD – MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Main support level – USD 2,600
Major resistance level – $2,665
