Ethereum price has started a recent rally above the resistance at $2,600. ETH is consolidating gains and may aim to move above the resistance at $2,720.

• Ethereum has started a decent rally above the $2,650 zone.
• The price is above $2,600 and the 100-hour uncomplicated moving average.
• A key bullish trendline is forming on the ETH/USD hourly chart with support at $2,540 (data fed via Kraken).
• The pair could continue to rise if it breaks through the resistance levels at $2,650 and $2,720.

Ethereum price brings more profits

Ethereum price has formed a base above the $2,550 level and started a recent rally, just like Bitcoin. ETH climbed above the resistance levels at $2,600 and $2,620 to move into the positive zone.

The price even broke the resistance at $2,650. The highest level is formed at $2,719, and the price is currently consolidating its increases. There was a slight decline below the $2,680 level. The price fell below the 23.6% Fib retracement level of the rising wave, from a low of $2,489 to a high of $2,719.

Ethereum price is currently trading above $2,600 and the 100-hour uncomplicated moving average. A key uptrend line is also forming on the ETH/USD hourly chart with support at $2,540.

On the other hand, the price seems to be facing headwinds near the $2,650 level. The first major resistance is near the $2,700 level. The main resistance is currently forming near $2,720. A clear move above the resistance at $2,720 could push the price towards the resistance at $2,880.

An upward break above the resistance at $2,880 could trigger further gains in the coming sessions. In the given case, Ether may rise towards the resistance zone at $3,000.

Correction of declines in ETH?

If Ethereum fails to overcome the resistance at $2,650, it may begin a downward correction. Initial downside support is located near the $2,600 level and the 50% Fib retracement level of the rising wave from a low of $2,489 to a high of $2,719.

The first major support is located near the $2,540 zone. A clear move below the support at $2,540 could push the price towards $2,500. Any further losses could push the price towards the $2,450 support level in the near future. The next key support is at $2,320.

Technical indicators

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

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

Main support level – USD 2,600

Major resistance level – $2,650