Ethereum price has started to rise steadily above the $2,550 resistance. ETH is beating Bitcoin and may even break above the $2,750 resistance zone.

• Ethereum started a modern escalate above the USD 2,550 and USD 2,650 levels.
• The price remains above $2,650 and the 100-hour uncomplicated moving average.
• On the hourly chart of the ETH/USD pair (data via Kraken), a connecting uptrend line is forming with support at $2,695.
• The pair may continue to rally if it breaks through the USD 2,750 resistance zone.

Ethereum price jumps over 8%

Ethereum price remained stable near the $2,520 support zone. ETH formed a base and started a fresh rally above the $2,600 level. The price rose by more than 8%, outperformed Bitcoin, and even broke through the $2,650 resistance zone.

The price has surged above the $2,720 resistance. The high has formed at $2,748, and the price is currently consolidating gains. A connecting bullish trendline is also forming on the ETH/USD hourly chart with support at $2,695. The trendline is near the 23.6% Fibonacci retracement level of the upside from the $2,518 swing low to the $2,748 high.

Ethereum price is now trading above $2,650 and the 100-hour uncomplicated moving average. If another rally occurs, the price could face obstacles near the $2,720 level.

The first major resistance is near the $2,750 level. A close above the $2,750 level could take Ether towards the $2,880 resistance. The next key resistance is near the $2,920 level. A break of the $2,920 resistance upwards could take the price higher towards the $3,000 resistance zone in the near future.

Another ETH drop?

If Ethereum fails to break through the $2,750 resistance, it could begin a downside correction. Initial downside support is near the $2,700 and the trendline. The first major support is near the $2,640 zone and the 50% Fibonacci retracement level of the upside move from the $2,518 swing low to the $2,748 peak.

A clear move below the $2,640 support could push the price towards $2,580. Any further losses could send the price towards the $2,520 support level in the near future. The next key support is at $2,450.

Technical indicators

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

Hourly RSI – The RSI indicator for the ETH/USD pair has already exceeded the level of 50.

Major Support Level – $2,695

Main resistance level – $2750