Ethereum price is consolidating gains above $2,400. ETH could make a big move if there is a clear move above the USD 2,460 resistance.
- Ethereum is consolidating gains below the USD 2,460 resistance zone.
- The price is trading above $2,400 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,435 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it closes above the $2,460 and $2,480 levels.
Ethereum price aims higher
Ethereum price rose steadily after breaking the USD 2,350 resistance. ETH climbed above $2,400 and tested the $2,460 zone. It reached a high near $2,463 and the price is now consolidating gains as Bitcoin has extended its rise above the $45,000 level.
Ether is trading above the 23.6% Fib retracement level of the recent wave, from the $2,352 swing low to the $2,463 high. There is also a major bullish trendline forming with support at $2,435 on the hourly chart of ETH/USD.
Ethereum is now trading above $2,400 and the 100-hourly Simple Moving Average. If a new increase occurs, the price could rise above the $2,460 level. On the upside, the first major resistance is around the $2,500 level. The next major resistance is near USD 2,550, above which the price could rise and test the USD 2,620 resistance.
Source: ETHUSD on TradingView.com
If the bulls stay in action, they could even push the price above the USD 2,620 resistance. In the mentioned case, the price could rise to the $2,700 level.
Another bearish wave in ETH?
If Ethereum fails to clear the USD 2,460 resistance, it could initiate a downward correction. The initial downside support is near the $2,435 level and the trendline.
The next major support could be the $2,400 zone or the 50% Fib retracement level of the recent wave from the $2,352 swing low to the $2,463 high. A clear move below the USD 2,400 support could send the price towards USD 2,375. The main support could be at $2,350. Any further losses could send the price towards the USD 2,240 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $2,400
Major resistance level – $2,460
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