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Ethereum price is consolidating gains above the $2,575 support. ETH could start a major rally if there is a close above the $2,700 resistance.
Ethereum price gained pace above the $2,600 level and traded close to the $2,700 resistance zone. ETH traded as high as $2,681 before it started a downside correction.
There was a move below the $2,640 and $2,620 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $2,472 swing low to the $2,681 high, like Bitcoin. However, the bulls were active near the $2,600 zone.
Ethereum found support at $2,600 and is currently attempting a fresh increase. It is now trading above $2,620 and the 100-hourly Simple Moving Average.
Immediate resistance is near the $2,640 level. There is also a short-term breakout pattern forming with resistance at $2,640 on the hourly chart of ETH/USD. The first major resistance is near the $2,680 level. The next major resistance is near $2,720, above which the price might rise and test the $2,800 resistance.
Source: ETHUSD on TradingView.com
If the bulls remain in action, they could even push the price above the $2,800 resistance. In the stated case, the price could rise toward the $3,000 level.
If Ethereum fails to clear the $2,640 resistance, it could start another decline. Initial support on the downside is near the $2,620 level.
The next key support could be the $2,600 zone. A clear move below the $2,600 support might send the price toward $2,575 or the 50% Fib retracement level of the upward move from the $2,472 swing low to the $2,681 high. The main support could be $2,550 or the 100 hourly SMA. Any more losses might send the price toward the $2,440 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,600
Major Resistance Level – $2,640
