Ethereum Surges to $2.7K – Daily Technical Outlook
Ethereum has begun to rise above the $2,600 resistance level against the US dollar. The price of ETH is rising and may soon break through the $2,720 barrier.
Ethereum’s Price Continues Uptrend
Ethereum’s price remained well above the $2,450 mark. ETH/USD began to rise steadily and formed a base above the $2,500 mark. There was a break above the $2,550 and $2,580 resistance levels.
On the hourly chart of ETH/USD, there was also a break above a major bearish trend line with resistance near $2,580. The price of ether settled above $2,600 and the 100 hourly simple moving average. The bulls pushed the price above $2,700, and a high near $2,728 was formed.
The price is currently consolidating gains near $2,700. It is also trading well above the 23.6 percent Fib retracement level of the upward move from the swing low of $2,445 to the high of $2,728.
On the upside, an initial resistance level is near $2,725 USD. The first significant resistance is seen near $2,750. The next major resistance level could be near $2,800, above which the price could accelerate higher. In the aforementioned scenario, the price could rise to $2,880.
A New Drop in ETH?
If Ethereum does not continue to rise above the $2,725 level, a downside correction is possible. On the downside, an initial support level is near $2,660.
The next significant support is near $2,640 and the 100 hourly simple moving average. The primary support is now forming near $2,580. It is close to the 50% Fib retracement level of the upward move from the swing low of $2,445 to the high of $2,728. Any further losses may necessitate a move towards the $2,500 level in the near term.
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