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Ethereum remained in a positive zone and rose to a new all-time high of over $ 2,750 against the US Dollar. ETH price corrects gains, but dips will likely be limited below $ 2,650.

 

Ethereum is in bullish mode

Ethereum pushed its rise above the $ 2,700 and $ 2,740 resistance levels.

The price is currently trading well above $ 2,650 and the 100 hourly simple moving average.

There is a major bullish channel formed with support near $ 2,640 on the hourly chart of ETH / USD.

The pair will start a new high above the $ 2,750 resistance zone in the near term.

If Ethereum fails to push the gains above $ 2,750, there could be a downside correction. A momentary support is near the channel trend line or $ 2,650.

A downside break below the channel support could drive the price towards the $ 2,600 support. Further losses would require an extended decline towards the $ 2,550 support zone or the 100 hourly simple moving average in the near term.

Technical indicators

Hourly MACD – The MACD for ETH / USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH / USD is currently approaching the 50 level.

Major Support Level – $ 2,650

Major Resistance Level – $ 2,750

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