Ethereum price is up over 5% and there was a push toward $2,700. ETH is consolidating gains and might aim for a move toward $2,800 or $3,000.
- Ethereum is consolidating gains below the $2,700 resistance zone.
- The price is trading above $2,600 and the 100-hourly Simple Moving Average.
- There was a break above a bullish flag pattern with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it stays above the $2,630 support zone.
Ethereum Price Starts Fresh Surge
Ethereum price remained stable above the $2,420 resistance. ETH formed a base and started a fresh increase above the $2,500 resistance, outperforming Bitcoin.
There was a break above a bullish flag pattern with resistance at $2,500 on the hourly chart of ETH/USD. The pair gained over 5% and there was a clear move above the $2,600 resistance. It even moved toward the $2,700 level. A high was formed near $2,681 and the price is now consolidating gains.There was a minor decline below the $2,660 level. Ethereum is still trading above the 23.6% Fib retracement level of the recent rally from the $2,472 swing low to the $2,681 high. It is also trading above $2,620 and the 100-hourly Simple Moving Average.
If there is a fresh increase, the price could surge above the $2,660 level. On the upside, 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.Are Dips Limited In ETH?
If Ethereum fails to clear the $2,680 resistance, it could start a downside correction. Initial support on the downside is near the $2,630 level.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,630 Major Resistance Level – $2,680