Ethereum price started to rise again and remained stable above USD 2,365. ETH is now consolidating and could target more gains if it clears $2,400.
- Ethereum started a steady rise above the $2,365 zone.
- The price is trading above USD 2,370 and the 100-hourly Simple Moving Average.
- There was a break above a contracting triangle with resistance at $2,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains above the $2,330 zone.
Ethereum price is aiming for a new high above $2,420
Ethereum price managed to stay above the USD 2,320 support and started a new increase, just like Bitcoin. ETH price gained pace and rose above USD 2,350 and USD 2,365.
There was a break above a contracting triangle with resistance at $2,320 on the hourly chart of ETH/USD. The price even climbed towards $2,400. A high was reached at $2,404, and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,286 swing low to the $2,404 high.
Ethereum price is now trading above $2,370 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,330, the price could rise again. Immediate resistance is seen around the $2,400 level.
The first major resistance is near the $2,420 level. The next major resistance is around the $2,450 level. A clear move above the USD 2,450 resistance could send the price towards the USD 2,500 resistance. An upside break above the $2,500 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,550 or even USD 2,565 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,400 resistance, it could initiate a downward correction. The initial downside support is near the $2,345 level or the 50% Fib retracement level of the upward move from the $2,286 swing low to the $2,404 high. The first major support is near the $2,330 zone.
A clear move below the USD 2,330 support could push the price towards the USD 2,285 support. Any further losses could send the price towards $2,250. The main support could be $2,200.
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 zone.
Major support level – $2,330
Major resistance level – $2,400