Ethereum price climbed higher above the $2,450 resistance. ETH outpaced Bitcoin and seems to be setting up for a larger increase toward $2,880.
- Ethereum is gaining pace above the $2,450 resistance level.
- The price is trading above $2,500 and the 100-hourly Simple Moving Average.
- There was a break above a key rising channel with resistance near $2,440 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is already up over 5% and might rise further above the $2,650 resistance.
Ethereum Price Gains Strength
Ethereum price started a decent increase above the $2,350 resistance. Recently, BTC’s spot ETFs were approved. However, there was no major increase in Bitcoin, but ETH gained bullish momentum.
There was a break above a key rising channel with resistance near $2,440 on the hourly chart of ETH/USD. The pair surged over 5% and even cleared the $2,500 resistance zone. There was a spike above the $2,600 resistance zone. A new multi-week high was formed near $2,642 and the price is now consolidating gains.
Are Dips Limited in ETH?
If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,580 level.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 – $2,500 Major Resistance Level – $2,650