Ethereum remained in a positive zone and traded to a new all-time high above USD 2,750 against the US dollar. ETH price is correcting gains, but the declines are likely limited to less than USD 2,650.
- Ethereum expanded its rise above the USD 2,700 and USD 2,740 resistance levels.
- The price is now trading well above USD 2,650 and the 100-hour simple moving average.
- A large bullish channel is forming with support near USD 2,640 on the ETH / USD hourly chart (data feed via Kraken).
- The pair is likely to start a fresh rise above the USD 2,750 resistance zone in the near term.
Ethereum price makes more profit
Ethereum is following a bullish path above the USD 2,600 pivot level. ETH even cleared the USD 2,720 resistance and settled well above the 100-hour simple moving average.
It traded to a new all-time high of $ 2,764 before starting a downward correction. There was a break below the USD 2,720 and USD 2,700 levels. Ether is now trading below the 23.6% Fib retracement level of the recent wave from the $ 2,560 swing low to $ 2,764 high.
It is still trading well above USD 2,650 and the 100 simple hourly moving average. A major upward channel is also forming with support near USD 2,640 on the ETH / USD hourly chart.
Source: ETHUSD on TradingView.com
Channel support is close to the 50% Fib retracement level of the recent wave from the $ 2,560 swing low to $ 2,764 high. On the upside, the price is facing resistance near the USD 2,750 and USD 2,760 levels. A successful close above the USD 2,760 zone could set the pace for more gains.
The next big resistance is near the USD 2,800 level, above which the price could accelerate higher towards the USD 2,880 level. The main target for the bulls may be near the USD 3,000 level.
Dips limited in ETH?
If Ethereum fails to expand gains above USD 2,750, there could be a downside correction. An immediate support is near the channel’s trendline or USD 2,650.
A downside break below the channel support could move the price towards the USD 2,600 support. Even more losses in the near term may require an extended drop to the USD 2,550 support zone or the 100-hour simple moving average.
MACD per hour – The MACD for ETH / USD is now gaining momentum in the bearish zone.
RSI per hour – The RSI for ETH / USD is now approaching the 50 level.
Major Support Level – USD 2,650
Major Resistance Level – USD 2,750