Ethereum Rallies above $2,700, Here’s Why ETH Could Extend Gains

Ethereum

Ethereum gained bullish momentum and traded to a new all-time high above $2,700 against the US Dollar. ETH price is likely to continue higher above $2,700 and $2,750.

Ethereum is trading in a bullish zone above the $2,600 support level.
The price is now trading well above $2,550 and the 100 hourly simple moving average.
There was a break above a major rising channel with resistance near $2,580 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is correcting gains, but dips are likely to remain limited below $2,550.

Ethereum Price Remains Bullish
Ethereum remained in a strong uptrend and it broke the $2,650 resistance zone. ETH even cleared the $2,700 resistance and settled well above the 100 hourly simple moving average.
There was a break above a major rising channel with resistance near $2,580 on the hourly chart of ETH/USD. It traded to a new all-time high near $2,720 before starting a downside correction. Ether declined below the $2,700 and $2,680 levels.
There was a break below the 23.6% Fib retracement level of the recent surge above the $2,431 swing low to $2,720 high. The price is now testing the broken channel resistance zone near the $2,625 level.

Source: ETHUSD on TradingView.com
An immediate support is near the $2,600 level. The next key support is near the 50% Fib retracement level of the recent surge above the $2,431 swing low to $2,720 high. On the upside, the price could face resistance near the $2,680 and $2,700 levels. Any more gains could open the doors for a new all-time high above $2,720. In the stated case, ether price may possibly rise towards the $2,800 level.
Dips Supported in ETH?
If Ethereum fails to extend gains above $2,700, there could be a downside correction. An immediate support is near the channel trend line or $2,600.
A downside break below the channel support could lead the price towards the $2,575 level. Any more losses might call for an extended decline towards the $2,500 support zone or the 100 hourly simple moving average in the near term. An intermediate support might be near $2,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now approaching the 50 level.
Major Support Level – $2,575
Major Resistance Level – $2,700

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