The Ethereum price started to rise again and remained stable above $2,350. ETH is now consolidating and could target more gains if it clears $2,400.
- Ethereum started a steady rise above the $2,350 zone.
- The price is trading above USD 2,365 and the 100-hourly Simple Moving Average.
- A bullish trendline is forming with support at $2,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains above the $2,320 zone.
Ethereum price aims for new gains
Ethereum price managed to stay above the USD 2,300 support and started a new increase, just like Bitcoin. ETH price gained pace and rose above USD 2,320 and USD 2,350.
The price even climbed towards $2,365. A high was reached at $2,387, and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,220 swing low to the $2,387 high.
Ethereum price is now trading above $2,350 and the 100-hourly Simple Moving Average. A bullish trendline is also forming with support at $2,340 on the hourly chart of ETH/USD.
If the bulls continue to act above $2,350, the price could rise again. Immediate resistance is seen around the $2,385 level. The first major resistance is near the $2,400 level. The next major resistance is around the $2,420 level. A clear move above the USD 2,420 resistance could send the price towards the USD 2,500 resistance. An upside break above the $2,500 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,550 or even USD 2,565 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,400 resistance, it could initiate a downward correction. The initial downside support is near the $2,350 level. The first major support is near the $2,340 zone and the trendline.
A clear move below the $2,340 support could push the price towards the $2,300 support or towards the 50% Fib retracement level of the upward move from the $2,220 swing low to the $2,387 high. Any further losses could send the price towards $2,260. The main support could be at USD 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 – $2,340
Major resistance level – $2,400