Ethereum price started a big rise above the $2,250 zone. ETH is now showing positive signs and could aim for more gains above $2,400.
- Ethereum started a steady upward move above the $2,250 zone.
- The price is trading above $2,300 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it crosses the $2,400 zone.
Ethereum price rises by more than 10%
Ethereum’s price continued its upward movement after reaching the $2,150 zone, just like Bitcoin. The ETH price managed to break the USD 2,200 resistance zone.
The bulls pushed the price above USD 2,320 and USD 2,350. A high was reached at $2,385, and the price is now consolidating gains above 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 $2,320 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $2,120 on the hourly chart of ETH/USD.
If the bulls continue to act above $2,320, the price could rise again. Immediate resistance is seen around the $2,365 level. The first major resistance is near the $2,380 level. The next major resistance is around the $2,400 level. A clear move above the USD 2,400 resistance could send the price towards the USD 2,450 resistance. An upside break above the $2,450 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 correction in ETH?
If Ethereum fails to clear the USD 2,400 resistance, it could trigger another decline. The initial downside support is near the $2,320 level. The first major support is near the $2,220 zone or the 50% Fib retracement level of the recent upward move from the $2,062 swing low to the $2,385 high.
A clear move below the USD 2,220 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 – $2,320
Major resistance level – $2,400