Ethereum price is maintaining its gains above the $2,650 resistance level, currently consolidating and showing potential for further increases beyond $2,700. The cryptocurrency is trading above $2,620 and the 100-hourly Simple Moving Average, indicating a short-term contracting triangle with support at $2,620 on the hourly chart of ETH/USD.
Recently, Ethereum extended its rise and approached the $2,700 mark before encountering resistance. It then underwent a correction from a high of $2,701, paralleling Bitcoin’s movements. The correction saw a drop below $2,640 and a brief dip beneath the 50% Fibonacci retracement level from the $2,528 low to the $2,700 high. However, bullish momentum reemerged near the $2,600 support zone.
The price experienced a test of the 61.8% Fibonacci retracement level from the $2,528 low to the $2,700 high and has since been on the rise again. Ethereum is now trading above $2,620 and remains above the 100-hourly Simple Moving Average. The price is encountering resistance around the $2,660 level, with the first major resistance near $2,700 and the next key resistance at around $2,720.
Should Ethereum manage to break above the $2,720 resistance, it could see further gains, potentially reaching the $2,800 resistance zone in the near term, with subsequent hurdles near the $2,850 and $2,880 levels.
Conversely, if Ethereum fails to clear the $2,680 resistance, it may face another decline. Initial support lies near the $2,620 level and the trend line of the contracting triangle. The first significant support is around the $2,600 zone. A decisive move below this level could push the price toward $2,550, with further losses potentially driving it down to the $2,525 support level. The next critical support zone is at $2,450.
Technical indicators show that the hourly MACD for ETH/USD is gaining momentum in the bullish zone, and the hourly RSI for ETH/USD is now above the 50 region, indicating continued strength. The major support level is $2,600, while the major resistance level is $2,680.
