Ethereum Price Corrects Gains After Spiking Above $2,750

Ethereum price started a fresh increase after it found support near the $2,550 level, beating Bitcoin. ETH is now correcting gains and might test the $2,680 support zone.

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Ethereum price started a fresh increase after it found support near the $2,550 level. The bulls pushed the price above the crucial resistance levels of $2,650 and $2,720.

After clearing the $2,720 level, the price moved toward the $2,800 resistance. The bulls remained in complete control and pushed the price above the $2,800 level.

Above the $2,800 level, the price moved toward the $2,840 resistance. The next major resistance is near the $2,880 level, which is the Fibonacci resistance level (38.2% Fib retracement level of the downward move from the $4,800 high to the $2,300 low).

Ethereum Price Spikes To New Highs

A clear move above the $2,880 resistance might send the price toward the $2,920 resistance or the $2,980 level. The stated price levels are the Fibonacci resistance levels.

An upside break above the $2,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,000 resistance zone or even $3,120 in the near term.

If Ethereum fails to clear the $2,820 resistance, it could start a fresh decline. Initial support on the downside is visible near the $2,755 level, followed by the 100-hourly Simple Moving Average.

The first major support is at the $2,680 zone and the 50% Fib retracement level of the upward move from the $2,483 swing low to the $2,880 high.

A clear move below the $2,680 support might push the price toward the $2,620 support. Any further losses may send the price toward the $2,550 support level in the near term. The next key support is at $2,500.