The Ethereum price gained strength and climbed above $2,400. ETH is now showing bullish signs and could extend gains towards the USD 2,550 level.
- Ethereum is gaining bullish momentum above the $2,380 zone.
- The price is trading above $2,350 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but the bulls could be active near the $2,400 support zone.
Ethereum price is gaining strength
Ethereum price remained strong above the USD 2,250 level. ETH, like Bitcoin, started to rise again and managed to overcome a few key hurdles near the $2,350 zone.
The price jumped above the USD 2,400 level and tested the USD 2,450 resistance. A high is formed near USD 2,449 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the recent rise from the $2,353 swing low to the $2,449 high.
Ethereum is also trading above $2,350 and the 100-hour Simple Moving Average. Moreover, a major bullish trendline is forming with support at $2,400 on the hourly chart of ETH/USD. The trendline is close to the 50% Fib retracement level of the recent rise from the $2,353 swing low to the $2,449 high.
On the upside, the first major resistance is around the $2,450 level. The next major resistance is near USD 2,500, above which the price could rise and test the USD 2,550 resistance.
Source: ETHUSD on TradingView.com
If the bulls stay in action, they could even push the price above the USD 2,620 resistance. In the mentioned case, the price could rise to the $2,700 level.
Are dips limited in ETH?
If Ethereum fails to clear the USD 2,450 resistance, it could initiate a downward correction. The initial downside support is near the $2,425 level.
The next major support could be the $2,400 zone or the trendline. A clear move below the USD 2,400 support could send the price towards USD 2,375. The main support could be at $2,350. Any further losses could send the price towards the USD 2,240 level.
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 level.
Major support level – $2,375
Major resistance level – $2,450
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