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Ethereum price is rising again and is trading above $2,320. ETH needs to overcome the USD 2,400 resistance to gain near-term bullish momentum.
- Ethereum is attempting a recovery wave above the $2,320 zone.
- The price is trading above USD 2,350 and the 100-hourly Simple Moving Average.
- There was a break above a short-term descending channel at resistance at $2,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to overcome the USD 2,400 resistance to continue higher in the near term.
Ethereum price eyes upside breakout
Ethereum price remained supported above the USD 2,250 level. A base was formed and the price started to rise again above the $2,300 level, just like Bitcoin.
There was a break above a short-term descending channel with resistance at $2,350 on the hourly chart of ETH/USD. The pair even surpassed the USD 2,380 level, but remained below the USD 2,400 resistance level. A high is formed at $2,390 and the price is now consolidating.
It is trading near the 23.6% Fib retracement level of the upward move from the $2,278 swing low to the $2,390 high. Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles around the USD 2,380 level. The first major resistance is around the $2,400 level. A close above the $2,400 level could send Ether towards the $2,450 resistance. The next major resistance is near USD 2,500. An upside break above the USD 2,500 resistance could lead to more gains towards the USD 2,550 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,380 resistance, it could trigger another decline in the near term. The initial downside support is near USD 2,350. The first major support is near the $2,330 zone or the 50% Fib retracement level of the upward move from the $2,278 swing low to the $2,390 high.
A clear move below the USD 2,330 support could push the price towards USD 2,250. Any further losses could send the price towards the USD 2,200 support level in the near term. The next major support is at $2,120.
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 zone.
Major support level – $2,330
Major resistance level – $2,400