Ethereum price has started a steady climb above the resistance at $2,450. ETH maintains gains and could gain bullish momentum above $2,520.

• Ethereum has started a steady rally above the $2,420 and $2,450 resistance levels.
• The price is holding above $2,440 and the 100-hour uncomplicated moving average.
• A key uptrend line is forming on the hourly chart of ETH/USD (feeding data via Kraken) with support near $2,455.
• The pair needs to gain bullish momentum above the resistance levels at $2,520 and $2,550.

Ethereum price regains traction

Ethereum price has formed a base above the $2,350 level and started a modern rally. ETH cleared the resistance levels at $2,420 and $2,450 to move into the positive zone, beating Bitcoin.

The bulls even pushed the price above the $2,500 level. The highest level was formed at $2,518 and the price is currently consolidating its increases. The price is stable above the 23.6% Fib retracement level resulting from the upward movement from the low of $2,436 to the high of $2,518.

Ethereum price is currently trading above $2,450 and the 100-hour uncomplicated moving average. A key bullish trendline is also forming on the hourly chart of ETH/USD with support near $2,455.

On the downside, the price seems to be facing headwinds near the $2,520 level. The first major resistance is near the $2,550 level. A clear move above the resistance at $2,550 could push the price towards the resistance at $2,580. An upward break above the resistance at $2,580 could trigger further gains in the coming sessions. In the above case, Ether may rise towards the resistance zone at $2,620 in the near future. The next hurdle is near the $2,650 or $2,720 level.

Another drop in ETH?

If Ethereum fails to break through the resistance at $2,520, another decline could begin. Initial downside support is near the $2,480 level. The first major support is located near the $2,455 zone and the 76.4% Fib trendline or retracement level, marking an upward move from a low of $2,436 to a high of $2,518.

A clear move below the support at $2,435 could push the price towards $2,420. Any further losses could push the price towards the $2,350 support level in the near future. The next key support is at $2,250.

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 2,455

Major resistance level – $2,520