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Ethereum price climbed above the $2,450 resistance. ETH has surpassed Bitcoin and appears to be preparing for a bigger rise towards $2,880.
- Ethereum is advancing above the $2,450 resistance level.
- The price is trading above $2,500 and the 100 hourly simple moving average.
- There was a breakout above a key rising channel with resistance near $2,440 on the ETH/USD hourly chart (data feed via Kraken).
- The pair is already up over 5% and could further surpass the $2,650 resistance.
Ethereum price gains strength
Ethereum price started a decent increase above the $2,350 resistance. Recently, BTC spot ETFs were approved. However, there was no major increase in Bitcoin, but ETH gained bullish momentum.
There was a breakout above a key rising channel with resistance near $2,440 on the ETH/USD hourly chart. The pair surged over 5% and even broke the $2,500 resistance zone. There was a spike above the $2,600 resistance zone. A new multi-week high formed near $2,642 and the price is now consolidating its gains.
There was a slight decline below $2,600, but Ethereum remained above the 23.6% Fib retracement level of the recent rally from the $2,346 low to $2,642 high. Ethereum is now trading above $2,500 and the 100 hourly simple moving average.
If there is a further rise, the price could face resistance near the $2,650 level. The next major resistance is now near $2,720. A sharp move above the $2,720 level could send ETH towards $2,780. A close above the $2,780 resistance could push the price further into a bullish zone.
Source: ETHUSD on TradingView.com
The next key resistance is near $2,840. If the bulls push Ethereum above $2,840, there could be a rally towards $2,920. Any further gains could push the price towards the $3,000 zone.
Are dips limited in ETH?
If Ethereum fails to clear the $2,650 resistance, it could trigger a downward correction. Initial downside support is near the $2,580 level.
The first key support could be the $2,500 area or the 50% Fibonacci retracement level of the recent rally from the $2,346 low to $2,642 high. A downside breakout and close below $2,500 could push the price further down. In the stated case, Ether could test the $2,440 support. Any further losses could push the price towards the $2,350 level.
Technical indicators
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
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold investments and, naturally, investing involves risks. You are advised to carry out your own research before making any investment decision. Use the information provided on this website entirely at your own risk.
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