Ethereum price is eyeing an upside break above the USD 2,440 resistance. ETH could rise like Bitcoin if there is a close above the $2,500 level.
- Ethereum is moving higher above the USD 2,250 support level.
- The price is trading above $2,350 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trendline with resistance around $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate higher if there is a clear move above USD 2,400 and USD 2,440.
Ethereum Price Eyes Key Upside Break
The Ethereum price found support around the $2,250 level and recently started a new increase. ETH managed to recover after Bitcoin pushed above the $44,400 resistance zone.
The price broke the USD 2,300 and USD 2,320 resistance levels. There was also a break above a major bearish trendline with resistance around $2,300 on the hourly chart of ETH/USD. The pair climbed above the 61.8% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.
Bitcoin is now trading above $2,350 and the 100-hour Simple Moving Average. On the upside, the price is facing resistance around the $2,400 level. It is close to the 76.4% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.
Source: ETHUSD on TradingView.com
The first major resistance is now near $2,445. A close above the USD 2,445 resistance could send the price towards USD 2,500. The next major resistance is near USD 2,550. If the bulls remain in action and push ETH above $2,550, a drift towards $2,620 could occur. The next resistance is at $2,650, above which Ethereum could rise and test the $2,800 zone.
Another drop in ETH?
If Ethereum fails to clear the USD 2,400 resistance, it could trigger another decline. The initial downside support is near the $2,350 level.
The first major support could be the $2,320 zone. A downside break and a close below $2,320 could trigger another big decline. In the said case, Ether could test the USD 2,250 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 – $2,400
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