Ethereum price is aiming for an upward reversal by breaking the resistance level of $2,440. ETH could rise like Bitcoin if it closes above the $2,500 level.
- Ethereum is trading higher at the $2,250 support level.
- The price is trading above $2,350 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a major bearish trendline with resistance near $2,300.
- A clear move above $2,400 and $2,440 could push the pair higher.
Ethereum price sees major upward reversal
Ethereum price found support near the $2,250 level and recently began a new rise. ETH recovered after Bitcoin pumped above the $44,400 resistance area.
The price broke above the resistance levels of $2,300 and $2,320. Additionally, a breakout occurred above a major bearish trendline with resistance near $2,300 on the hourly chart of ETH/USD. The pair moved down from the $2,445 swing high to the $2,258 low, breaking above the 61.8% Fib retracement level.
Bitcoin is currently trading above $2,350 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,400. This is close to the 76.4% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.
Source: ETHUSD on TradingView.com
The first major resistance is currently near $2,445. A close above the $2,445 resistance could push the price up to $2,500. The next major resistance is near $2,550. If the bull market continues to push ETH above $2,550, it could fall towards $2,620. The next resistance level is $2,650, above which Ethereum could test the $2,800 area.
Another drop in ETH?
If Ethereum fails to clear the $2,400 resistance, it could begin another downtrend. Initial support for the downside is near the $2,350 level.
The first major support could be the $2,320 zone. A break below and a close below $2,320 could begin another major decline. If indicated, Ether could test the $2,250 support. Any more losses could push the price down to the $2,120 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,320
Key Resistance Level – $2,400
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