Ethereum price has started a recent rally above the resistance at $2,550. ETH follows Bitcoin’s growth but lacks the same strength.

• Ethereum has started a decent rally above the $2,600 zone.
• The price is above $2,550 and the 100-hour elementary moving average.
• A connecting bullish trendline is forming on the hourly chart of ETH/USD with support at $2,520 (data suction via Kraken).
• The pair could continue to rise if it breaks through the $2,630 and $2,650 resistance levels.

The price of Ethereum begins to rise steadily

Ethereum price has formed a base above the $2,450 level and started a recent rally, just like Bitcoin. ETH climbed above the $2,500 and $2,550 resistance levels to move into the positive zone.

The price increased by over 5% and moved above the $2,600 level. The highest level is formed at $2,630 and the price is showing positive signs. It maintains gains above the 23.6% Fib retracement level resulting from the upward move from a low of $2,487 to a high of $2,630.

Ethereum price is currently trading above $2,550 and the 100-hour elementary moving average. A connecting bullish trendline is also forming on the hourly chart of ETH/USD with support at $2,520.

On the other hand, the price seems to be facing headwinds near the $2,630 level. The first major resistance is near the $2,650 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 $2,950.

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 near the $2,595 level. The first major support is located near the $2,550 zone or 50% Fib retracement level in an upward move from a low of $2,487 to a high of $2,630.

A clear move below the support at $2,550 could push the price towards $2,520. 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 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