Ethereum price is still struggling to clear the USD 2,265 resistance while Bitcoin extended its gains. ETH could rise if there is a close above USD 2,265 and then USD 2,320.
- Ethereum is still struggling to gain pace for a move above the USD 2,265 resistance zone.
- The price is trading above USD 2,220 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support near $2,180 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a strong rise if there is a close above $2,265 and $2,320.
Ethereum price aims higher
Ethereum price managed to stay above the USD 2,200 support zone. The bulls protected a major downside break and pushed the price above the USD 2,220 level.
There was a rise above the USD 2,250 level but the bears are still active near the USD 2,265 resistance zone. A high formed near $2,264 and the price is now consolidating gains near the 23.6% Fib retracement level from the recent surge from the swing low of $2,155 to the high of $2,264.
Ethereum is now trading above $2,220 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support around $2,180 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance around the $2,265 level. A close above the $2,265 mark could mean significant upside. The next major resistance is near the $2,320 level. A clear move above the USD 2,320 zone could send the price towards the USD 2,400 level.
Source: ETHUSD on TradingView.com
The next resistance is at $2,420. Any further gains could trigger a surge towards the $2,500 level, above which Ethereum could rise and test the $2,550 zone.
Another rejection in ETH?
If Ethereum fails to clear the USD 2,265 resistance, it could trigger another decline. Initial downside support is near the $2,220 level and the 100-hourly SMA.
The first major support could be the $2,180 zone and the trendline. A downside break and a close below $2,180 could push the price further. In the said case, Ether could revisit the USD 2,120 support. Any further losses could send the price towards the USD 2,000 level in the coming sessions.
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 – $2,180
Major resistance level – $2,265
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