Ethereum price started a big rise above the $2,350 zone. ETH is now showing positive signs and could aim for more gains above $2,380.
- Ethereum started a steady upward move above the $2,320 zone.
- The price is trading above USD 2,320 and the 100-hourly Simple Moving Average.
- A contracting triangle is forming with resistance at $2,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it crosses the $2,380 zone.
Ethereum price aims for new gains
Ethereum’s price continued its upward movement after reaching the $2,250 zone, just like Bitcoin. ETH price managed to break the USD 2,320 resistance zone.
The bulls pushed the price above USD 2,350 and USD 2,365. It peaked at $2,385, and the price recently started a small downward correction. There was a decline below the 23.6% Fib retracement level from the recent upward move from the $2,062 swing low to the $2,385 high.
Ethereum price is now trading above $2,300 and the 100-hourly Simple Moving Average. A contracting triangle is also forming with resistance at $2,340 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 $2,340 level. The first major resistance is near the $2,365 level. The next major resistance is around the $2,380 level. A clear move above the USD 2,380 resistance could send the price towards the USD 2,420 resistance. An upside break above the $2,420 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.
Disadvantage of pause in ETH?
If Ethereum fails to clear the USD 2,380 resistance, it could trigger another decline. The initial downside support is near the $2,315 level. The first major support is near the $2,260 zone.
A clear move below the $2,260 support could push the price towards the $2,225 support or the 50% Fib retracement level of the recent upward move from the $2,062 swing low to the $2,385 high. Any further losses could send the price towards $2,185. The main support could be at $2,150.
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 – $2,260
Major resistance level – $2,380