Can Ethereum surpass Bitcoin’s lead and climb to a new weekly high in price? Ethereum is currently aiming for a fresh increase above the $2,665 level. The price is currently trading above $2,620 and the 100-hourly Simple Moving Average. There was also a break above a connecting bearish trend line with resistance at $2,625 on the hourly chart of ETH/USD.
For Ethereum to continue its upward trajectory, it needs to stay above the $2,600 support level. The price found support near the $2,550 level and started a fresh increase. However, the upside gains were less compared to Bitcoin.
On the upside, Ethereum is facing hurdles near the $2,665 level, which 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 level is near $2,700, followed by $2,720. A break above $2,720 could lead to more gains and potentially push the price towards the $2,780 resistance zone or even the $2,850 level.
However, if Ethereum fails to clear the $2,665 resistance level, it could experience another decline. The initial support on the downside is near $2,600 and the 100-hourly Simple Moving Average. The first major support sits around $2,550, followed by $2,525. If the price continues to drop, it may reach the $2,480 support level, with the next key support level at $2,440.
In terms of technical indicators, the hourly MACD for ETH/USD is losing momentum in the bullish zone, while the hourly RSI is now below the 50 zone.
Overall, Ethereum is eyeing more upside potential and a potential climb to a new weekly high, but it must first surpass the $2,665 resistance level and stay above $2,600.