Ethereum is signaling bullish, but can it overcome the obstacles?

Ethereum has found support at $2,320 and has started to rise again. ETH is currently increasing and could be heading towards the target of surpassing the resistance zone of $2,650. Ethereum has started to increase significantly above the levels of $2,450 and $2,500. The price is trading above $2,500 and the 100-hour simple moving average. There has been a breakout on the descending trend line connecting with the resistance level at $2,530 on the hourly chart of ETH/USD ( data from Kraken ). This currency pair could rise if it surpasses the resistance level of $2,650 in the near future. Ethereum Price Regains Appeal The price of Ethereum has started to adjust downwards below the level of $2,450, unlike Bitcoin. ETH is trading below the support levels of $2,400 and $2,350. However, buyers are still active near the zone of $2,300. A low was formed at $2.308 and the price began to rise again. There was a move above $2.450 and $2.500. The price has surpassed the 61.8% Fib retracement level of the downward move from the high of $2.583 to the low of $2.308. In addition, there has been a break on the downward trend line connected with the resistance level at $2,530 on the hourly chart of ETH/USD. The price of Ethereum is currently trading above $2,540 and the 100-hour simple moving average. The price is also above the 76.4% Fib retracement level of the downward move from the high of $2,583 to the low of $2,308. The positive side is that the price may encounter resistance near the level of $2,580. The next important resistance is near the level of $2,600. The first major resistance is near the level of $2,650. A clear move above the resistance of $2,650 could bring the price to the resistance level of $2,720.

A break above the resistance level of $2,720 may require further gains in the upcoming sessions. In the stated case, Ether could rise to the resistance zone of $2,780 or even $2,840 in the near future. Another Decline of ETH? If Ethereum does not break through the resistance level of $2,650, it may start a new decline. The initial support at the drop is near $2,520. The first major support is near the zone of $2,450. A clear move below the support zone of $2,450 could push the price down to the support zone of $2,420. Any further losses could drive the price down to the support zone of $2,320 in the near future. The next important support zone is at $2,250. Technical Indicator: Hourly MACD – MACD for ETH/USD is accelerating in the bullish zone. Hourly RSI – RSI for ETH/USD is currently above the 50 zone. Main support level – $2,450 Major resistance level – $2,650