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Ethereum Price Rises, Striving to Catch Up with Bitcoin's Rally

Ethereum Price Rises, Striving to Catch Up with Bitcoin’s Rally

Ethereum Price Rises

Ethereum Price Rises

Ethereum price gained pace for a move above the $2,550 resistance zone. ETH is now consolidating near $2,680 and eyeing more upsides above $2,750.

Ethereum Price Eyes More Gains Above $2,720

Ethereum price started a steady upward move above the $2,450 resistance level. ETH climbed above the $2,500 and $2,550 resistance levels like Bitcoin above $58,000.

The price even cleared the $2,650 resistance but gains were limited compared to BTC. A high was formed near $2,722 and the price is now consolidating gains. It is still above the 23.6% Fib retracement level of the upward move from the $2,311 swing low to the $2,722 high.

Ethereum price is now trading above $2,550 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD. The trend line is close to the 100-hourly Simple Moving Average and the 50% Fib retracement level of the upward move from the $2,311 swing low to the $2,722 high.

Ethereum Price
Source: ETHUSD on TradingView.com

On the upside, the price is facing hurdles near the $2,700 level. The first major resistance is near the $2,720 level. A close above the $2,720 level might send Ether toward the $2,800 resistance. The next key resistance is near $2,865. An upside break above the $2,865 resistance might send the price higher toward the $3,000 resistance zone in the near term.

Are Dips Limited In ETH?

If Ethereum fails to clear the $2,720 resistance, it could start a downside correction. Initial support on the downside is near $2,620. The first major support sits near the $2,550 zone.

A clear move below the $2,550 support might push the price toward $2,450. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,250.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,550

Major Resistance Level – $2,720

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