Ethereum price holds gains above the USD 2,300 level. ETH could gain bullish momentum if it breaks the USD 2,380 resistance zone.
- Ethereum is showing positive signs but faces obstacles around $2,400.
- The price is trading above USD 2,320 and the 100-hourly Simple Moving Average.
- A major contracting triangle is forming with resistance at $2,365 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 targets $2,500
Ethereum price appears to be forming a base above the USD 2,250 level, much like Bitcoin. Recently, there was a decent rise above the USD 2,350 level, but the price struggled near USD 2,400.
A high was reached at $2,390 and the price is now consolidating. There was a small decline below the USD 2,350 level. The price fell below the 50% Fib retracement level of the upwave from the $2,278 swing low to the $2,390 high.
However, the bulls were active around the $2,320 level and the 61.8% Fib retracement level of the upward wave 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 2,365 level. There is also a major contracting triangle forming with resistance at $2,365 on the hourly chart of ETH/USD.
The first major resistance is around the USD 2,380 and USD 2,400 levels. A close above the USD 2,400 level could send Ether towards the USD 2,465 resistance. The next major resistance is near USD 2,550. An upside break above the USD 2,550 resistance could lead to more gains towards the USD 2,650 resistance zone in the near term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,400 resistance, it could trigger another decline in the near term. The initial downside support is near USD 2,320. The first major support is near the $2,300 zone.
A clear move below the USD 2,300 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 – $2,320
Major resistance level – $2,400
