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Ethereum price extended losses and tested the USD 2,320 support. ETH is now correcting losses and could target a fresh rise above the USD 2,420 resistance.
- Ethereum remained in a bearish zone and traded below the $2,360 zone.
- The price is trading below $2,420 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $2,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to remain above the $2,350 support level to see significant upside in the near term.
Ethereum price aims for an upward breakout
Ethereum price failed to start a fresh rise above the USD 2,450 resistance zone. ETH remained in a bearish zone like Bitcoin and traded below the $2,365 support zone.
There was also a move below the USD 2,350 level. The price tested the $2,320 support zone. A low was formed at $2,329 and the price is now rising. There was a move above the USD 2,350 and USD 2,365 levels. The price climbed above the 23.6% Fib retracement level of the downwave from the $2,468 swing high to the $2,329 low.
Ethereum price is now trading below $2,420 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 2,420 level. A connecting bearish trendline is also forming with resistance at $2,420 on the hourly chart of ETH/USD.
The trendline is close to the 61.8% Fib retracement level of the downward wave from the $2,468 swing high to the $2,329 low. A clear move above the USD 2,420 resistance could send the price towards the USD 2,450 resistance.
An upside break above the USD 2,420 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,500 resistance zone in the short term. The next hurdle is near the USD 2,550 or USD 2,560 level.
Lose more in ETH?
If Ethereum fails to clear the USD 2,420 resistance, it could trigger another decline. The initial downside support is near the $2,380 level. The first major support is near the $2,350 zone.
A clear move below the USD 2,350 support could push the price towards USD 2,320. Any further losses could send the price towards the USD 2,265 support level in the near term. The next major support is at $2,220.
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 – $2,320
Major resistance level – $2,420
