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

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

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 16,825.66
ethereum
Ethereum (ETH) $ 1,233.46
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 283.79
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.383005
dogecoin
Dogecoin (DOGE) $ 0.095753
cardano
Cardano (ADA) $ 0.309310
matic-network
Polygon (MATIC) $ 0.888793
polkadot
Polkadot (DOT) $ 5.28
staked-ether
Lido Staked Ether (STETH) $ 1,219.49
litecoin
Litecoin (LTC) $ 77.07
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 20.92
dai
Dai (DAI) $ 1.00
solana
Solana (SOL) $ 13.59
tron
TRON (TRX) $ 0.053269
uniswap
Uniswap (UNI) $ 6.00
avalanche-2
Avalanche (AVAX) $ 13.21
leo-token
LEO Token (LEO) $ 3.78
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,828.57
chainlink
Chainlink (LINK) $ 6.84
cosmos
Cosmos Hub (ATOM) $ 9.58
the-open-network
The Open Network (TON) $ 1.85
ethereum-classic
Ethereum Classic (ETC) $ 18.75
monero
Monero (XMR) $ 141.99
stellar
Stellar (XLM) $ 0.084299
bitcoin-cash
Bitcoin Cash (BCH) $ 109.41
quant-network
Quant (QNT) $ 116.51
crypto-com-chain
Cronos (CRO) $ 0.064527
algorand
Algorand (ALGO) $ 0.221888
filecoin
Filecoin (FIL) $ 4.33
near
NEAR Protocol (NEAR) $ 1.69
apecoin
ApeCoin (APE) $ 3.88
vechain
VeChain (VET) $ 0.018744
hedera-hashgraph
Hedera (HBAR) $ 0.047064
internet-computer
Internet Computer (ICP) $ 4.19
eos
EOS (EOS) $ 1.00
flow
Flow (FLOW) $ 1.04
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.93
frax
Frax (FRAX) $ 1.00
trust-wallet-token
Trust Wallet (TWT) $ 2.43
terra-luna
Terra Luna Classic (LUNC) $ 0.000165
axie-infinity
Axie Infinity (AXS) $ 8.64
the-sandbox
The Sandbox (SAND) $ 0.581042
tezos
Tezos (XTZ) $ 0.989336
theta-token
Theta Network (THETA) $ 0.873291
aave
Aave (AAVE) $ 61.13
huobi-token
Huobi (HT) $ 6.34