The Ethereum price started to rise again and remained stable above $2,350. ETH is now consolidating and could target more gains if it clears $2,425.
- Ethereum started a steady rise above the $2,380 zone.
- The price is trading above $2,350 and the 100-hourly Simple Moving Average.
- A bullish trendline is forming with support at $2,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains above the $2,320 zone.
Ethereum price corrects recent gains
Ethereum price managed to stay above the USD 2,250 support and started a new increase, just like Bitcoin. ETH price gained pace and rose above USD 2,350 and USD 2,380.
The last swing high was formed at $2,424 before a downward correction took place. The price fell below the USD 2,380 level. There was a move below the 38.2% Fib retracement level of the upward move from the $2,258 swing low to the $2,424 high.
Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average. A bullish trendline is also forming with support at $2,320 on the hourly chart of ETH/USD.
If the bulls continue to act above $2,300, the price could rise again. Immediate resistance is seen around the $2,385 level. The first major resistance is near the $2,400 level. The next major resistance is around the $2,420 level. A clear move above the USD 2,420 resistance could send the price towards the USD 2,440 resistance. An upside break above the $2,440 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,500 or even USD 2,550 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,420 resistance, it could initiate a downward correction. The initial downside support is near the $2,340 level or the 50% Fib retracement level of the upward move from the $2,258 swing low to the $2,424 high. The first major support is near the $2,320 zone.
A clear move below the USD 2,320 support could push the price towards the USD 2,285 support. Any further losses could send the price towards $2,250. The main support could be $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 – $2,320
Major resistance level – $2,385