Above $2,450, Ethereum remained in high demand. ETH began to rise steadily and created a base above the $2,500 mark. There was a break above the $2,550 and $2,580 resistance zones.
On the hourly chart of ETH/USD, there was also a break over a strong negative trend line with resistance near $2,580. The price of ether settled above $2,600 and the 100 hourly simple moving average. The bulls have pushed the price above $2,700, reaching a high near $2,728.
The price is currently consolidating gains near $2,700. It’s also well over the 23.6 percent Fib retracement level of the upward advance from the swing low of $2,445 to the high of $2,728.
On the upside, $2,725 serves as an early resistance level. Near the $2,750 mark, the first substantial resistance is visible. The next big resistance level is likely to be near $2,800, after which the price may surge higher. In the aforementioned scenario, the price might jump to $2,880.
It’s possible that ethereum would correct to the downside if it fails to go higher beyond $2,725 mark. On the downside, $2,660 serves as an initial support level.
Near the $2,640 level and the 100 hourly simple moving average is the next important support. Near the $2,580 mark, the main support is forming. It’s close to the 50% Fib retracement level of the upward advance from the swing low of $2,445 to the high of $2,728. In the short term, any further losses could lead to a move towards the $2,500 level.
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