Ethereum Poised for Upside Break!

Ethereum price is consolidating gains above the $2,550 resistance. ETH could gain pace if it clears the $2,650 resistance zone.

• Ethereum started a fresh increase above the $2,550 and $2,580 resistance levels.
• The price is trading above $2,600 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support near $2,610 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to rally if it clears the $2,650 and $2,680 resistance levels.

Ethereum Price Eyes More Upsides

Ethereum price remained stable above the $2,550 pivot level like Bitcoin. ETH cleared the $2,600 and $2,620 resistance levels. The price even spiked above $2,650 before there was a downside correction.

The price is again rising and trading above the $2,600 level. The bulls were able to clear the 50% Fib retracement level of the downward wave from the $2,685 swing high to the $2,538 low. There is also a connecting bullish trend line forming with support near $2,610 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,635 level. The first major resistance is near the $2,650 level or the 76.4% Fib retracement level of the downward wave from the $2,685 swing high to the $2,538 low.

A clear move above the $2,650 resistance might send the price toward the $2,680 resistance. An upside break above the $2,680 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone in the near term. The next hurdle sits near the $2,880 level or $2,920.

Another Drop In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,610 level and the trend line. The first major support sits near the $2,575 zone.

A clear move below the $2,575 support might push the price toward $2,550. Any more losses might send the price toward the $2,475 support level in the near term. The next key support sits at $2,450.

Technical Indicators

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 zone.

Major Support Level – $2,575

Major Resistance Level –…