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
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.