BTC / USD
41,711.83
0.8%
(+331.86)
ETH / USD
2,229.45
0.78%
(-17.55)
XRP / USD
0.62
2.27%
(-0.01)
LTC / USD
72.37
2.04%
(-1.51)
EOS / USD
0.72
0.41%
(0)
BCH / USD
245.60
1.39%
(-3.46)
ADA / USD
0.40
2.29%
(-0.01)
XLM / USD
0.12
1.67%
(-0)
NEO / USD
12.03
2.36%
(-0.29)
XEM / USD
0.04
2.69%
(0)
DASH / USD
31.92
2%
(-0.65)
USDT / USD
1.00
0%
(0)
BNB / USD
231.09
0.86%
(-2)
QTUM / USD
3.15
1.02%
(-0.03)
XVG / USD
0.00
0.18%
(-0)
ONT / USD
0.23
0.19%
(-0)
ZEC / USD
31.11
2.01%
(-0.64)
STEEM / USD
0.26
0.78%
(-0)

What Could Trigger A Sharp Increase

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Ethereum is consolidating below $2,600 against the US Dollar. ETH price must clear $2,600 and $2,620 to start a major increase in the near term.

  • Ethereum is still struggling to clear the $2,600 and $2,620 resistance levels.
  • The price is now trading below $2,600 and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $2,590 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must gain strength above $2,620 to stat a steady increase in the coming sessions.

Ethereum Price Approaches Breakout

Ethereum remained below the key $2,600 and $2,620 resistance levels. However, ETH was also well bid above the $2,500 support level.

The recent high was near $2,595 before the price declined below $2,550. It traded as low as $2,538 and is currently consolidating losses. It is now trading below $2,600 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $2,565 level.

The 50% Fib retracement level of the recent decline from the $2,595 swing high to $2,538 low is also near the $2,565 level. Besides, there is a major contracting triangle forming with resistance near $2,590 on the hourly chart of ETH/USD.

An intermediate resistance is near $2,575 and the 100 hourly simple moving average. It is close to the 61.8% Fib retracement level of the recent decline from the $2,595 swing high to $2,538 low.

Source: ETHUSD on TradingView.com

Ether price must clear the $2,575 and $2,600 resistance levels to start a steady increase. An immediate barrier could $2,620, above which the bulls might aim a strong increase.

Fresh Decline in ETH?

If ethereum fails to start a fresh increase above the $2,600 level, it could start another decline. An initial support on the downside is near the $2,540 level.

The next major support is near the $2,500 level. A close below the $2,500 support zone could out a lot of pressure on the bulls. The next major support might be near the $2,420 level, below which there is a risk of a move towards the $2,350 level in the coming days.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now just below the 50 level.

Major Support Level – $2,500

Major Resistance Level – $2,620

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