Ethereum Price Eyes Bitcoin’s Lead: Can It Climb to a New Weekly High?

Ethereum price is eyeing a fresh increase like Bitcoin. ETH must surpass $2,665 to continue higher and trade to a new high in the near term.

• Ethereum is aiming for a fresh increase above the $2,665 level.

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

• There was a break above a connecting bearish trend line with resistance at $2,625 on the hourly chart of ETH/USD (data feed via Kraken).

• The pair must stay above the $2,600 support to start a fresh increase in the near term.

Ethereum Price Eyes More Upsides

Ethereum price found support near the $2,550 level and started a fresh increase like Bitcoin. ETH was able to clear the $2,600 resistance level, but upsides were less compared to BTC.

The price climbed above the 50% Fib retracement level of the downward move from the $2,700 swing high to the $2,554 low. Besides, there was a break above a connecting bearish trend line with resistance at $2,625 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,620 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,665 level. It is near the 76.4% Fib retracement level of the downward move from the $2,700 swing high to the $2,554 low.

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 coming sessions. In the stated case, Ether could rise toward the $2,780 resistance zone in the near term. The next hurdle sits near the $2,850 level or $2,880.

Another Drop In ETH?

If Ethereum fails to clear the $2,665 resistance, it could start another decline. Initial support on the downside is near the $2,600 level and the 100-hourly Simple Moving Average. The first major support sits near the $2,550 zone.

A clear move below the $2,550 support might push the price toward $2,525. Any more losses might send the price toward the $2,480 support level in the near term. The next key support sits at $2,440.

Technical Indicators

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

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

Major Support Level – $2,600

Major Resistance Level – $2,665