Ethereum price is consolidating gains above the resistance at $2,580. ETH could gain momentum if it clears the $2,650 resistance zone.

• Ethereum remained in the positive zone above the resistance levels at $2,550 and $2,580.
• The price is above $2,600 and the 100-hour elementary moving average.
• A key uptrend line is forming on the hourly chart of ETH/USD (data fed via Kraken) with support near $2,600.
• The pair may continue to rally if it breaks through the resistance levels at $2,650 and $2,680.

Ethereum price aims for more benefits

Ethereum price remained stable above the $2,550 pivot level, as did Bitcoin. ETH corrected some gains and tested the support level at $2,550. A recent rally has recently begun above the $2,580 and $2,600 resistance levels.

There has been a move above the 50% Fib retracement level, which is a move down from the high of $2,685 to the low of $2,538. The bulls managed to push the price above the resistance zone at $2,620. Additionally, a key bullish trendline is forming on the hourly chart of ETH/USD with support near $2,600.

Ethereum price is currently trading above $2,600 and the 100-hour elementary moving average. On the other hand, the price seems to be facing headwinds near the $2,650 level. It is near the 76.4% Fib retracement level, which is a downward move from a high of $2,685 to a low of $2,538.

The first major resistance is near the $2,685 level. A clear move above the resistance at $2,685 could push the price towards the resistance at $2,750. An upward break above the resistance at $2,750 could trigger further gains in the coming sessions. In this case, Ether may rise towards the resistance zone at $2,840 in the near future. The next hurdle is near the $2,880 level, or $2,920.

Another ETH drop?

If Ethereum fails to break the resistance at $2,650, another decline could begin. Initial downside support is located near the $2,600 level and the trend line. The first major support is located near the $2,570 zone.

A clear move below the support at $2,570 could push the price towards $2,550. Any further losses could push the price towards the $2,480 support level in the near future. The next key support is at $2,420.

Technical indicators

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

Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.

Main support level – USD 2,550

Major resistance level – $2,650