Ethereum Price Poised for a Comeback: Can It Break $2,700?

Ethereum price is holding gains above the $2,650 resistance. ETH is now consolidating gains and might aim for more gains above $2,700.

• Ethereum is aiming for more upsides above the $2,700 resistance.

• The price is trading above $2,620 and the 100-hourly Simple Moving Average.

• There is a short-term contracting triangle forming with support at $2,620 on the hourly chart of ETH/USD (data feed via Kraken).

• The pair must stay above the $2,600 support to continue higher in the near term.

Ethereum Price Eyes More Upsides

Ethereum price extended its increase and climbed toward the $2,700 level before the bears appeared. ETH started a downside correction from the $2,701 high like Bitcoin.

There was a drop below the $2,640 level. The price spiked below the 50% Fib retracement level of the upward wave from the $2,528 swing low to the $2,700 high. However, the bulls were active near the $2,600 support zone.

The price tested the 61.8% Fib retracement level of the upward wave from the $2,528 swing low to the $2,700 high and is currently rising. Ethereum price is now trading above $2,620 and the 100-hourly Simple Moving Average.

There is also a short-term contracting triangle forming with support at $2,620 on the hourly chart of ETH/USD. On the upside, the price seems to be facing hurdles near the $2,660 level. The first major resistance is near the $2,700 level. The next key resistance is near $2,720.

An upside break above the $2,720 resistance might call for more gains. In the stated case, Ether could rise toward the $2,800 resistance zone in the near term. The next hurdle sits near the $2,850 level or $2,880.

Another Decline In ETH?

If Ethereum fails to clear the $2,680 resistance, it could start another decline. Initial support on the downside is near the $2,620 level and the triangle’s trend line. The first major support sits near the $2,600 zone.

A clear move below the $2,600 support might push the price toward $2,550. Any more losses might send the price toward the $2,525 support level in the near term. The next key support sits at $2,450.

Technical Indicators

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

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

Major Support Level – $2,600

Major Resistance Level – $2,680