Ethereum price is consolidating above the $2,250 zone. ETH could start a decent rise if it breaks the USD 2,340 and USD 2,380 resistance levels.
- Ethereum is struggling to pace a move above the $2,350 zone.
- The price is trading above $2,300 and the 100-hourly Simple Moving Average.
- A short-term ascending channel is forming with resistance near $2,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it manages to break the $2,350 resistance zone.
Ethereum price looks fresh
Ethereum price remained within a range below the USD 2,350 resistance zone. ETH was trading lower than USD 2,320, but the bulls were active near the USD 2,280 support zone.
A low was formed near $2,282 and the price is now trying to make a new rise in a range, like Bitcoin. There was a move above the $2,300 resistance zone and the 100-hourly Simple Moving Average. The price even crossed the 61.8% Fib retracement level from the recent decline from the $2,334 swing high to the $2,282 low.
Ethereum is now trading above $2,300 and the 100-hourly Simple Moving Average. A short-term rising channel is also forming with resistance around $2,350 on the hourly chart of ETH/USD.
On the upside, the first major resistance is near the $2,325 level or the 76.4% Fib retracement level of the recent decline from the $2,334 swing high to the $2,282 low. The next major resistance is near USD 2,350, above which the price could rise and test the USD 2,380 resistance.
Source: ETHUSD on TradingView.com
If the bulls push the price above the USD 2,380 resistance, they could target USD 2,450. A clear move above the USD 2,450 level could see the price rise further. In the said case, the price could rise to the $2,500 level.
Another drop in ETH?
If Ethereum fails to clear the USD 2,350 resistance, it could trigger another decline. The initial downside support is near the $2,280 level and the channel trendline.
The next major support could be the $2,240 zone. A clear move below the USD 2,240 support could send the price towards USD 2,180. The main support could be at USD 2,120. Any further losses could send the price towards the USD 2,040 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $2,240
Major resistance level – $2,350
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