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Ethereum price is rapidly gaining above the USD 2,320 resistance zone. ETH is up over 5% and it looks like ETH is finally outperforming Bitcoin.
- Ethereum is gaining speed and trading above the USD 2,300 support zone.
- The price is trading above $2,350 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $2,380 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its rally towards the USD 2,500 and USD 2,550 resistance levels.
Ethereum price starts new rally
Ethereum price extended its decline below the USD 2,250 level. ETH even spiked below the $2,200 level before the bulls appeared. A low was formed around $2,180 and the price started to rise sharply, outperforming Bitcoin.
There was a move above the USD 2,250 and USD 2,280 resistance levels. The bulls even pumped the price above the USD 2,350 resistance. A new multi-day high is formed near USD 2,441 and the price is now consolidating gains. The price is now trading above the 23.6% Fib retracement level of the upward move from the $2,180 swing low to the $2,441 high.
Ethereum is now trading above $2,350 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance around the $2,440 level.
Source: ETHUSD on TradingView.com
The first major resistance is now near $2,500. A close above the USD 2,500 resistance could send the price towards USD 2,500. The next major resistance is near USD 2,620. A clear move above the $2,620 zone could trigger a fresh increase. The next resistance is at $2,700, above which Ethereum could rise and test the $2,800 zone.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 2,440 resistance, it could trigger another decline. The initial downside support is near the $2,380 level and the trendline.
The first major support could be the $2,320 zone or the 50% Fib retracement level of the upward move from the $2,180 swing low to the $2,441 high. A downside break and a close below $2,320 could lead to more bearish moves. In the said case, Ether could revisit the $2,200 support. Any further losses could send the price towards the USD 2,120 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $2,320
Major resistance level – $2,440
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