Ethereum extended its rise above the $ 2,550 resistance zone against the US Dollar. ETH price has risen above the 100 hourly SMA and may continue to rise.
Ethereum is rising
Ethereum took the recovery wave above the $ 2,550 and $ 2,600 levels.
The price is currently trading above the $ 2,500 support and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $ 2,250 on the hourly chart of ETH / USD.
The pair is currently showing positive signs above $ 2,500, but it is also facing hurdles near $ 2,760.
If Ethereum cannot continue above the $ 2,700 and $ 2,760 resistance levels, it could initiate another decline. The first downside support is near the $ 2,500 zone.
Initial key support is near the $ 2,480 level and the 100 hourly SMA. Major support is currently forming near the $ 2,255 level. This means a band near the 50% Fib retracement level of the move from the $ 1,740 low to $ 2,768.
Hourly MACD – The MACD for ETH / USD is slowly decelerating in the bullish zone.
Hourly RSI – The RSI for ETH / USD is falling towards the 50 level.
Major Support Level – $ 2480.
Major Resistance Level – $ 2,760.