Ethereum price started a big rise above the $2,150 zone. ETH is now showing positive signs and could aim for more gains above $2,250.
- Ethereum started a steady upward move above the $2,150 zone.
- The price is trading above $2,150 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,100 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,250 zone.
Ethereum Price Rises Over 8%
Ethereum price extended its recovery wave after reaching the $2,050 zone like Bitcoin. ETH price managed to break the USD 2,120 resistance zone.
The bulls pushed the price above the 76.4% Fib retracement level of the downward move from the $2,209 swing high to the $2,062 low. Additionally, a major bullish trendline is forming with support at $2,100 on the hourly chart of ETH/USD.
Finally, the price reached the USD 2,200 resistance zone. It tested the 1,236 Fib extension level of the downward move from the $2,209 swing high to the $2,062 low at $2,245.
Ethereum price is now trading above $2,180 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,150, the price could rise again. Immediate resistance is seen around the $2,245 level. The first major resistance is around the $2,250 level.
The next major resistance is around the $2,280 level. A clear move above the USD 2,280 resistance could send the price towards the USD 2,320 resistance. An upside break above the $2,320 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $2,365 or even $2,380 in the short term.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 2,250 resistance, it could trigger another decline. The initial downside support is near the $2,200 level. The first major support is near the $2,180 zone.
A clear move below the USD 2,180 support could push the price towards the USD 2,150 support. Any further losses could send the price towards $2,100. Key support could be at $2,050.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,150
Major resistance level – $2,250