Ethereum’s price started a downward correction after falling near $2,400. ETH is now consolidating and could target more gains if it clears $2,360.
- Ethereum started a downward correction below the $2,350 zone.
- The price is trading above $2,300 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $2,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains above the $2,295 zone.
Ethereum price aims for a major upside breakout
Ethereum price managed to stay above the USD 2,250 support and started a new increase, just like Bitcoin. ETH price gained pace and rose above USD 2,320 and USD 2,350.
However, the bears were active around $2,400. The last swing high was formed at $2,417 before a downward correction took place. The price fell below the USD 2,320 level. The price even tested the 50% Fib retracement level of the upward move from the $2,180 swing low to the $2,417 high.
Ethereum price is now trading above $2,300 and the 100-hourly Simple Moving Average. If the bulls continue in action above $2,295, the price could rise again.
Immediate resistance is seen around the $2,360 level. A bearish trendline is also forming with resistance at $2,360 on the hourly chart of ETH/USD. The first major resistance is near the $2,380 level. The next major resistance is around the $2,420 level. A clear move above the USD 2,420 resistance could send the price towards the USD 2,450 resistance. An upside break above the $2,450 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,500 or even USD 2,550 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,360 resistance, it could initiate a downward correction. The initial downside support is near the $2,295 level. The first major support is near the $2,265 zone or the 61.8% Fib retracement level of the upward move from the $2,180 swing low to the $2,417 high.
A clear move below the USD 2,265 support could push the price towards the USD 2,220 support. Any further losses could send the price towards $2,200. Key support could be at $2,150.
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 below the 50 zone.
Major support level – $2,295
Major resistance level – $2,360