ETH is consolidating its gains and may attempt to reach levels of $2,800 or even $3,000.
Ethereum is maintaining gains below the $2,700 resistance level. Its price is now trading above $2,600 and the 100-hour moving average. On the hourly ETH/USD chart, using data from the Kraken exchange, there has been a breakout above the bullish flag pattern with a resistance level at $2,500. The currency pair could see further growth if it stays above the $2,630 support.
New Ethereum price rise
After surpassing the $2,420 resistance, Ethereum has maintained a stable position. ETH has formed a base and initiated a new rise by breaking the $2,500 resistance, moving ahead of bitcoin.
On the hourly ETH/USD chart, the bullish flag pattern with a resistance level at $2,500 has been breached. The currency pair has gained over 5% and clearly surpassed the $2,600 resistance, even reaching up to $2,700. The peak was at $2,681, and now there is consolidation of gains.
A slight decline below the $2,660 level has been observed. Ethereum continues to trade above the 23.6% Fib retracement from the recent rise from $2,472 to $2,681. It is also above the $2,620 level and the 100-hour moving average.
In the case of further increase, the price could surpass the $2,660 level. Further significant resistance is near $2,680, and if surpassed, the price may test the $2,800 resistance level.
If bulls remain active, they could even push the price above the $2,800 resistance level. In that case, the price could target up to $3,000.
Are the declines in ETH limited?
If Ethereum fails to surpass the $2,680 resistance, it could lead to a downward correction. Initial support is near the $2,630 level.
Another key support is the $2,600 zone. A break below the $2,600 support level could lead the price to $2,575 or the 50% Fib retracement from the recent rise from $2,472 to $2,681. The main support is at $2,520 or the 100-hour SMA. Any further losses could lead to a decline to the $2,400 level.
Technical Indicators
· Hourly MACD for ETH/USD is losing strength in the bullish zone.
· Hourly RSI (Relative Strength Index) for ETH/USD is now above the 50 value.
· Main Support Level: $2,630
· Main Resistance Level: $2,680
Notice:
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