The Ethereum price started to rise again and remained stable above $2,320. ETH is now consolidating and could target more gains if it clears $2,380.
- Ethereum started a steady rise above the $2,300 zone.
- The price is trading above USD 2,320 and the 100-hourly Simple Moving Average.
- A contracting triangle is forming with resistance at $2,380 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains above the $2,400 zone.
Ethereum price aims for new increase
Ethereum price managed to stay above the USD 2,220 support and started a new increase just like Bitcoin. ETH price gained pace and rose above USD 2,250 and USD 2,300.
The last swing high was formed at $2,417 before a downward correction took place. The price fell below the $2,350 level. There was a move below the 38.2% Fib retracement level of the upward move from the $2,180 swing low to the $2,417 high.
Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,300, the price could rise again.
Immediate resistance is seen around the $2,365 level. The first major resistance is near the $2,380 level. A contracting triangle is also forming with resistance at $2,380 on the hourly chart of ETH/USD.
The next major resistance is around the $2,400 level. A clear move above the USD 2,400 resistance could send the price towards the USD 2,440 resistance. An upside break above the $2,440 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,500 or even USD 2,550 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,380 resistance, it could initiate a downward correction. The initial downside support is near the $2,330 level. The first major support is near the $2,295 zone or the 50% Fib retracement level of the upward move from the $2,180 swing low to the $2,417 high.
A clear move below the USD 2,295 support could push the price towards the USD 2,265 support. Any further losses could send the price towards $2,230. The main support could be $2,200.
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 – $2,295
Major resistance level – $2,380