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Ethereum Back to Square One, Why ETH Could Surge Again
Ethereum rallied above $2,650 against the US Dollar. ETH price failed to settle above $2,700, trimmed gains, and now consolidating near $2,620.
Ethereum started a fresh increase above $2,600, but it faced sellers above $2,700.
The price is now trading above $2,600 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $2,580 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is consolidating above $2,600 and might start another increase in the near term.
Ethereum Price Consolidates
Ethereum was able to form a base above the $2,520 level. ETH started a fresh increase above the key $2,600 and $2,620 resistance levels. There was also a move above the $2,700 level.
There was also a break above a key bearish trend line with resistance near $2,580 on the hourly chart of ETH/USD. However, the bulls failed to remain in action above $2,720. The price formed a high near $2,733 and started a sharp decline.
There was a move below the $2,700 and $2,650 support levels. The price even dipped a few points below the 50% Fib retracement level of the recent rally from the $2,506 swing low to $2,733 high.
The price is now consolidating above $2,600 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $2,650 level. The first major resistance is near the $2,685 level. The main resistance seems to be forming near the $2,700 zone.
Source: ETHUSD on TradingView.com
Ether price must clear the $2,685 and $2,700 resistance levels to start a steady increase. In the stated case, the price may perhaps rise towards the $2,800 level.
Fresh Decline in ETH?
If ethereum fails to start a fresh increase above the $2,650 level, it could start another decline. An initial support on the downside is near the $2,610 level.
The next major support is near the $2,600 level. It is near the 61.8% Fib retracement level of the recent rally from the $2,506 swing low to $2,733 high. A close below the $2,600 support zone could start a drop towards the $2,500 support zone.
Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 levels.
Major Support Level – $2,600
Major Resistance Level – $2,700
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