Ethereum Resistance Level Check: Breakout Could Spark a Price Rise

Ethereum has started to rise again in the zone of $2,480. ETH is currently consolidating its gains and may soon target the resistance level of $2,520. Ethereum has begun a new price surge above $2,450. The price is trading above $2,450 and the 100-hour simple moving average. There is a significant bullish trend line forming with support at $2,440 on the hourly chart of ETH/USD ( data from Kraken ). This currency pair could start to rally again if it maintains stability above $2,420 in the near term. Ethereum Aiming for More Levels of Increase The price of Ethereum has started to rise again above the support level of $2,420, similar to Bitcoin. The price of ETH was able to break through the resistance levels of $2,450 and $2,480 to move into the positive zone. The bulls even pushed the price above the zone $2,500. However, the bulls are still operating above $2,500. A high was formed at $2,523 and the price is currently consolidating the increase above the 23.6% Fibonacci retracement level of the upward move from the low $2,394 to the high $2,523. The price of Ethereum is currently trading above $2,450 and the 100-hour simple moving average. Additionally, there is an important bullish trend line forming with support at $2,440 on the hourly chart of ETH/USD. The positive aspect is that the price may encounter resistance near the level of $2,520. The next important resistance is near the level of $2,550. The first major resistance is near the level of $2,580. A clear move above the resistance level of $2,580 could bring the price to the resistance level of $2,650.

A break above the resistance level of $2,650 could require further gains in the upcoming sessions. In the stated case, Ether may rise to the resistance zone of $2,720 or even $2,800 in the near future. The Price Adjustment of ETH? If Ethereum does not surpass the resistance level of $2,520, it may begin a new downward trend. The initial support on the decline is near the $2,480 level. The first major support is located near the zone of $2,460 or the 50% Fib retracement level of the increase from the swing low of $2,394 to the swing high of $2,523. A clear move below the support level of $2,460 could push the price down to the support level of $2,440. Any further losses could drive the price down to the support level of $2,400 in the near future. The next important support level is at $2,350. Technical Index Hourly MACD – MACD for ETH/USD is accelerating in the bullish zone. Hourly RSI - RSI for ETH/USD is currently above the zone 50. Key support level – $2,440 Main resistance level – $2,520