Ethereum price gained traction and rose above $2,400. ETH is currently showing bullish signals and could extend its gains towards the $2,550 level.
- Ethereum is gaining bullish momentum above the $2,380 area.
- The price is trading above $2,350 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline with support at $2,400.
- The pair may correct lower, but the bulls may become active near the $2,400 support.
Ethereum price rising
Ethereum price remained strong above the $2,250 level. ETH started another Bitcoin-like increase and was able to clear a few key hurdles near $2,350.
The price broke above the $2,400 level and tested the $2,450 resistance. A high was reached near $2,449 and the price is currently on an upward trend. It is trading above the 23.6% Fib retracement level of the recent surge from the low of $2,353 to the high of $2,449.
Ethereum is also trading above $2,350 and the 100-hour simple moving average. Moreover, there is a major bullish trendline on the hourly chart of ETH/USD with support at $2,400. The trend line is close to 50% of the Fib retracement level of the recent surge from the $2,353 swing low to the $2,449 high.
On the positive side, the first major resistance is near the $2,450 level. The next major resistance is near $2,500, above which the price may rise to test the $2,550 resistance.
Source: ETHUSD on TradingView.com
If the bulls remain active, the price may rise above the $2,620 resistance. If specified, the price could rise to the $2,700 level.
Are dips limited in ETH?
If Ethereum fails to clear resistance at $2,450, a downward correction could begin. Initial support for the downside is near the $2,425 level.
The next major support could be the $2,400 zone or the trend line. A clear move below the $2,400 support could lead the price towards $2,375. The main assistance amount could be $2,350. Any more losses could push the price down to the $2,240 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,375
Key Resistance Level – $2,450
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