Ethereum price started a major increase above the $2,250 zone. ETH is now showing positive signs and might aim for more gains above $2,400.
- Ethereum started a steady upward move above the $2,250 zone.
- The price is trading above $2,300 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it clears the $2,400 zone.
Ethereum Price Rallies Over 10%
Ethereum price extended its upward move after it cleared the $2,150 zone, like Bitcoin. ETH price was able to clear the $2,200 resistance zone.
The bulls pushed the price above $2,320 and $2,350. A high was formed at $2,385, and the price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $2,062 swing low to the $2,385 high.
Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,120 on the hourly chart of ETH/USD.
If the bulls remain in action above $2,320, the price could attempt another increase. Immediate resistance is seen near the $2,365 level. The first key resistance is near the $2,380 level. The next major resistance is near the $2,400 level. A clear move above the $2,400 resistance might send the price toward the $2,450 resistance. An upside break above the $2,450 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term.
Downside Correction In ETH?
If Ethereum fails to clear the $2,400 resistance, it could start a fresh decline. Initial support on the downside is near the $2,320 level. The first major support sits near the $2,220 zone or the 50% Fib retracement level of the recent upward move from the $2,062 swing low to the $2,385 high.
A clear move below the $2,220 support might push the price toward the $2,150 support. Any more losses might send the price toward the $2,100 region. The main support could be $2,050.
Technical Indicators
Hourly 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 – $2,320
Major Resistance Level – $2,400
