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The Ethereum price is trying to execute a new surge above $2,300. ETH could gain bullish momentum if it breaks the USD 2,400 resistance zone.
- Ethereum is attempting a recovery wave above the $2,300 zone.
- The price is trading above USD 2,330 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $2,335 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to overcome the USD 2,400 resistance to continue higher in the near term.
Ethereum price has more upsides
Ethereum price started a recovery wave above the USD 2,300 level. ETH was able to break the USD 2,320 resistance zone to move into a positive zone like Bitcoin. However, the bears were active near the USD 2,400 resistance.
A high was reached at $2,398 and the price is now consolidating gains. There was a small decline below the USD 2,360 level. The price fell below the 23.6% Fib retracement level of the upward move from the $2,242 swing low to the $2,398 high.
Ethereum price is now trading above $2,300 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $2,335 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 2,380 level. The first major resistance is around the $2,400 level. A close above the USD 2,400 level could send Ether towards the USD 2,465 resistance. The next major resistance is near USD 2,500. An upside break above the USD 2,500 resistance could lead to more gains towards the USD 2,550 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,400 resistance, it could trigger another decline. The initial downside support is near $2,335 and is on the trendline. The first major support is near the $2,300 zone or the 61.8% Fib retracement level of the upward move from the $2,242 swing low to the $2,398 high.
A clear move below the USD 2,300 support could push the price towards USD 2,240. Any further losses could send the price towards the USD 2,150 support level in the near term. The next major support is at USD 2,050.
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 zone.
Major support level – $2,240
Major resistance level – $2,400
