Ethereum price climbed higher above the USD 2,350 resistance. ETH surpassed Bitcoin and could even attempt a clear move above the USD 2,400 resistance.
- Ethereum is attempting a fresh rise above the USD 2,350 resistance level.
- The price is trading above USD 2,320 and the 100-hourly Simple Moving Average.
- A major ascending channel is forming with support near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could spark another surge if a close above the $2,400 level occurs.
Ethereum price starts to rise
Ethereum price formed a base above the USD 2,220 level and started a new increase. ETH saw a sharp upward move despite Bitcoin falling below $46,500. The price gained pace and rose above the USD 2,300 and USD 2,320 levels.
It even broke the USD 2,350 resistance and tested the USD 2,400 zone. It reached a high near $2,399 and the price is now consolidating gains. There was a small decline below $2,360. The price fell below the 23.6% Fib retracement level from the recent rise from the $2,243 swing low to the $2,399 high.
Ethereum is now trading above $2,320 and the 100-hourly Simple Moving Average. A major ascending channel is also forming with support near $2,300 on the hourly chart of ETH/USD.
If there is a fresh increase, the price could face resistance near the USD 2,380 level. The next major resistance is now near USD 2,400. A clear move above the USD 2,400 level could send ETH towards USD 2,440. A close above the $2,440 resistance could trigger significant upside.
Source: ETHUSD on TradingView.com
The next major resistance is near USD 2,550. If the bulls push Ethereum above $2,550, a rally towards $2,720 could take place. Any further gains could send the price towards the $2,800 zone.
Another drop in ETH?
If Ethereum fails to clear the USD 2,400 resistance, it could trigger another decline. Initial downside support is near the $2,320 level or the 50% Fib retracement level of the recent rise from the $2,243 swing low to the $2,399 high.
The first major support could be the $2,300 zone. A downside break and a close below $2,300 could push the price further. In the said case, Ether could test the USD 2,240 support. Any further losses could send the price towards the USD 2,150 level.
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 level.
Major support level – $2,300
Major resistance level – $2,400
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