Ethereum price started a fresh increase and remained stable above $2,350. ETH is now consolidating and might aim for more gains if it clears $2,425.
- Ethereum started a steady increase above the $2,380 zone.
- The price is trading above $2,350 and the 100-hourly Simple Moving Average.
- There is a bullish trend line forming with support at $2,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it stays above the $2,320 zone.
Ethereum Price Corrects Recent Gains
Ethereum price managed to stay above the $2,250 support and started a fresh increase, like Bitcoin. ETH price gained pace for a move above $2,350 and $2,380.
The last swing high was formed at $2,424 before there was a downside correction. The price dipped below the $2,380 level. There was a move below the 38.2% Fib retracement level of the upward move from the $2,258 swing low to the $2,424 high.
Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $2,320 on the hourly chart of ETH/USD.
If the bulls remain in action above $2,300, the price could attempt another increase. Immediate resistance is seen near the $2,385 level. The first key resistance is near the $2,400 level. The next major resistance is near the $2,420 level. A clear move above the $2,420 resistance might send the price toward the $2,440 resistance. An upside break above the $2,440 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.
Another Decline In ETH?
If Ethereum fails to clear the $2,420 resistance, it could start a downside correction. Initial support on the downside is near the $2,340 level or the 50% Fib retracement level of the upward move from the $2,258 swing low to the $2,424 high. The first major support sits near the $2,320 zone.
A clear move below the $2,320 support might push the price toward the $2,285 support. Any more losses might send the price toward the $2,250 region. The main support could be $2,200.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing 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 – $2,385
