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Ethereum price started a new upward move above the USD 2,420 resistance. ETH traded near $2,500 and is now consolidating gains.
- Ethereum started to rise again from the USD 2,320 resistance.
- The price is trading above $2,400 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $2,385 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to overcome the resistance at $2,480 to continue higher in the near term.
Ethereum Price Rises Over 8%
Ethereum price remained well supported and extended its gains, beating Bitcoin. ETH was able to break the USD 2,350 and USD 2,420 resistance levels.
There was a sharp move and the price rose by almost 10%. It was trading close to the $2,500 resistance zone. A high was reached at $2,493 and the price is now consolidating gains. There was a small decline below the USD 2,460 level. The price tested the 23.6% Fib retracement level of the upward move from the $2,277 swing low to the $2,493 high.
Ethereum price is now trading above $2,440 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $2,385 on the hourly chart of ETH/USD. The trendline is close to the 50% Fib retracement level of the upward move from the $2,277 swing low to the $2,493 high.
On the upside, the price seems to be facing hurdles around the USD 2,480 level. The first major resistance is around the $2,500 level. The next major resistance is near USD 2,550.
An upside break above the USD 2,550 resistance could call for more gains. In the mentioned case, Ether could rise towards the USD 2,650 resistance zone in the short term. The next hurdle is near the USD 2,750 or USD 2,800 level.
Are dips limited in ETH?
If Ethereum fails to clear the USD 2,480 resistance, it could initiate a downward correction. The initial downside support is near USD 2,440. The first major support is near the $2,385 zone and the trendline zone.
A clear move below the USD 2,385 support could push the price towards USD 2,320. Any further losses could send the price towards the USD 2,250 support level in the near term. The next major support is at $2,200.
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 – $2,385
Major resistance level – $2,500