Ethereum price extended its rise above the USD 2,320 resistance zone. ETH is correcting gains, but the 100 hourly SMA could provide support and trigger a new rise.
- Ethereum started a prolonged recovery wave above the USD 2,320 resistance zone.
- The price is trading above $2,300 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $2,325 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it manages to hold above the $2,300 level.
Ethereum price holds support
Ethereum price remained in a positive zone above the USD 2,250 resistance zone. ETH cleared the USD 2,320 resistance to move further into a positive zone and outperform Bitcoin.
The price was trading close to the USD 2,400 level. A high was formed near USD 2,390 and the price is now correcting gains. There was a move below the USD 2,350 level. The price broke the 50% Fib retracement level of the upward move from the $2,235 swing low to the $2,390 high.
Additionally, there was a break below a key bullish trendline with support at $2,325 on the hourly chart of ETH/USD. However, Ethereum is still above $2,300 and the 100-hour Simple Moving Average.
Source: ETHUSD on TradingView.com
On the upside, the first major resistance is around the $2,325 level. The next major resistance is near USD 2,350, above which the price could rise and test the USD 2,400 resistance. If the bulls push the price above the USD 2,400 resistance, they could target USD 2,450. A clear move above the USD 2,450 level could see the price rise further. In the mentioned case, the price could rise towards the USD 2,550 level.
Lose more in ETH?
If Ethereum fails to clear the USD 2,325 resistance, it could continue falling. Initial downside support is near the $2,300 level and the 100-hourly SMA.
The next major support could be the $2,295 zone or the 61.8% Fib retracement level of the upward move from the $2,235 swing low to the $2,390 high. A daily close below the USD 2,295 support could trigger another steady decline. In the mentioned case, Ether could test the USD 2,200 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 bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $2,300
Major resistance level – $2,325
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