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Ethereum Price Gains Strength, Outpaces Bitcoin With An 8% Surge
Ethereum price started a steady increase above the $2,550 resistance. ETH is beating Bitcoin and might even clear the $2,750 resistance zone.
- Ethereum started a fresh increase above the $2,550 and $2,650 levels.
- The price is trading above $2,650 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2,695 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend gains if it clears the $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 increase above the $2,600 level. The price gained over 8%, outperformed Bitcoin, and even surpassed the $2,650 resistance zone.
The price spiked above the $2,720 resistance. A high was formed at $2,748 and the price is now consolidating gains. There is also a connecting bullish trend line forming with support at $2,695 on the hourly chart of ETH/USD. The trend line is close to the 23.6% Fib retracement level of the upward move from the $2,518 swing low to the $2,748 high.
Ethereum price is now trading above $2,650 and the 100-hourly Simple Moving Average. If there is another increase, the price might face hurdles near the $2,720 level.
The first major resistance is near the $2,750 level. A close above the $2,750 level might send Ether toward the $2,880 resistance. The next key resistance is near $2,920. An upside break above the $2,920 resistance might send the price higher toward the $3,000 resistance zone in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,750 resistance, it could start a downside correction. Initial support on the downside is near $2,700 and the trend line. The first major support sits near the $2,640 zone and the 50% Fib retracement level of the upward move from the $2,518 swing low to the $2,748 high.
A clear move below the $2,640 support might push the price toward $2,580. Any more losses might send the price toward the $2,520 support level in the near term. The next key support sits at $2,450.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,695
Major Resistance Level – $2,750