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Ethereum price started to rise again from the USD 2,300 support zone. ETH is rising and could aim for a move above the USD 2,550 resistance.
- Ethereum started a decent rise above the USD 2,350 and USD 2,420 levels.
- The price is trading above USD 2,420 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,435 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to overcome the USD 2,525 and USD 2,550 resistance levels to continue higher in the near term.
Ethereum price aims higher
Ethereum price remained stable above the USD 2,300 level and started a new increase. ETH was able to clear the resistance at $2,350 to move into a positive zone like Bitcoin.
The price was able to climb above the USD 2,400 resistance zone. There was a move above the 50% Fib retracement level of the downwave from the $2,656 swing high to the $2,310 low. Finally, the bulls pushed the price above the USD 2,500 resistance.
Ethereum price is now trading above $2,450 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $2,435 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 2,525 level. It is close to the 61.8% Fib retracement level of the downward wave from the $2,656 swing high to the $2,310 low. A clear move above the USD 2,525 resistance could send the price towards the USD 2,550 resistance.
An upside break above the USD 2,550 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,650 resistance zone in the short term. The next hurdle is near the USD 2,720 or USD 2,740 level.
Another drop in ETH?
If Ethereum fails to clear the USD 2,525 resistance, it could trigger another decline. The initial downside support is near the $2,450 level. The first major support is near the $2,420 zone and the trendline.
A clear move below the USD 2,420 support could push the price towards USD 2,350. Any further losses could send the price towards the USD 2,320 support level in the near term. The next major support is at USD 2,250.
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 – $2,420
Major resistance level – $2,525
