Ethereum price started a fresh increase above the $2,550 resistance. ETH is following Bitcoin’s rally, but it is lacking the same strength.

Ethereum Price Starts Steady IncreaseEthereum price formed a base above the $2,450 level and started a fresh increase like Bitcoin. ETH climbed above the $2,500 and $2,550 resistance levels to move into a positive zone.The price is up over 5% and there was a move above the $2,600 level. A high is formed at $2,630 and the price is showing positive signs. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high.Ethereum price is now trading above $2,550 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,520 on the hourly chart of ETH/USD.On the upside, the price seems to be facing hurdles near the $2,630 level. The first major resistance is near the $2,650 level. The main resistance is now forming near $2,720. A clear move above the $2,720 resistance might send the price toward the $2,880 resistance. An upside break above the $2,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,950 resistance zone.
 Downside Correction In ETH?If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,595 level. The first major support sits near the $2,550 zone or the 50% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high.A clear move below the $2,550 support might push the price toward $2,520. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,320.Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.Hourly RSI – The RSI for ETH/USD is now above the 50 zone.Major Support Level – $2,550Major Resistance Level – $2,650More By This Author:If Dogecoin Breaks Above Key Resistance ‘We Could See A 25% Rally’Bitcoin Stock To Flow Model Shows Price Is Ready For Next Phase Transition Above $100,000U.S. Bitcoin ETFs Purchase Five Times More BTC Than Miners Produced In A Week