Ethereum

Ethereum Rallies above $2,700, Here’s Why ETH Could Extend Gains

Ethereum gained bullish momentum and traded to a new all-time high above $2,700 against the US Dollar. ETH price is likely to continue higher above $2,700 and $2,750.

Ethereum is trading in a bullish zone above the $2,600 support level.
The price is now trading well above $2,550 and the 100 hourly simple moving average.
There was a break above a major rising channel with resistance near $2,580 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is correcting gains, but dips are likely to remain limited below $2,550.

Ethereum Price Remains Bullish
Ethereum remained in a strong uptrend and it broke the $2,650 resistance zone. ETH even cleared the $2,700 resistance and settled well above the 100 hourly simple moving average.
There was a break above a major rising channel with resistance near $2,580 on the hourly chart of ETH/USD. It traded to a new all-time high near $2,720 before starting a downside correction. Ether declined below the $2,700 and $2,680 levels.
There was a break below the 23.6% Fib retracement level of the recent surge above the $2,431 swing low to $2,720 high. The price is now testing the broken channel resistance zone near the $2,625 level.

Source: ETHUSD on TradingView.com
An immediate support is near the $2,600 level. The next key support is near the 50% Fib retracement level of the recent surge above the $2,431 swing low to $2,720 high. On the upside, the price could face resistance near the $2,680 and $2,700 levels. Any more gains could open the doors for a new all-time high above $2,720. In the stated case, ether price may possibly rise towards the $2,800 level.
Dips Supported in ETH?
If Ethereum fails to extend gains above $2,700, there could be a downside correction. An immediate support is near the channel trend line or $2,600.
A downside break below the channel support could lead the price towards the $2,575 level. Any more losses might call for an extended decline towards the $2,500 support zone or the 100 hourly simple moving average in the near term. An intermediate support might be near $2,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now approaching the 50 level.
Major Support Level – $2,575
Major Resistance Level – $2,700

bitcoin
Bitcoin (BTC) $ 66,096.71
ethereum
Ethereum (ETH) $ 3,559.37
tether
Tether (USDT) $ 0.999458
bnb
BNB (BNB) $ 606.14
solana
Solana (SOL) $ 145.15
staked-ether
Lido Staked Ether (STETH) $ 3,559.38
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.489753
dogecoin
Dogecoin (DOGE) $ 0.136507
the-open-network
Toncoin (TON) $ 7.91
cardano
Cardano (ADA) $ 0.412709
shiba-inu
Shiba Inu (SHIB) $ 0.000021
avalanche-2
Avalanche (AVAX) $ 30.05
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,224.74
tron
TRON (TRX) $ 0.115312
chainlink
Chainlink (LINK) $ 14.87
uniswap
Uniswap (UNI) $ 11.39
polkadot
Polkadot (DOT) $ 6.20
bitcoin-cash
Bitcoin Cash (BCH) $ 429.78
near
NEAR Protocol (NEAR) $ 5.60
litecoin
Litecoin (LTC) $ 79.11
matic-network
Polygon (MATIC) $ 0.612629
wrapped-eeth
Wrapped eETH (WEETH) $ 3,702.74
leo-token
LEO Token (LEO) $ 5.74
dai
Dai (DAI) $ 1.00
pepe
Pepe (PEPE) $ 0.000012
internet-computer
Internet Computer (ICP) $ 9.14
ethereum-classic
Ethereum Classic (ETC) $ 25.63
fetch-ai
Fetch.ai (FET) $ 1.46
kaspa
Kaspa (KAS) $ 0.152580
aptos
Aptos (APT) $ 7.86
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,556.63
ethena-usde
Ethena USDe (USDE) $ 1.00
monero
Monero (XMR) $ 174.30
render-token
Render (RNDR) $ 7.96
hedera-hashgraph
Hedera (HBAR) $ 0.084947
filecoin
Filecoin (FIL) $ 5.22
mantle
Mantle (MNT) $ 0.892621
blockstack
Stacks (STX) $ 1.95
stellar
Stellar (XLM) $ 0.097811
cosmos
Cosmos Hub (ATOM) $ 7.12
okb
OKB (OKB) $ 46.05
crypto-com-chain
Cronos (CRO) $ 0.100773
arbitrum
Arbitrum (ARB) $ 0.921712
immutable-x
Immutable (IMX) $ 1.74
first-digital-usd
First Digital USD (FDUSD) $ 0.998789
injective-protocol
Injective (INJ) $ 25.85
dogwifcoin
dogwifhat (WIF) $ 2.36
sui
Sui (SUI) $ 0.943790
the-graph
The Graph (GRT) $ 0.238010