Ethereum price is consolidating gains above $2,400. ETH could begin a significant rally if there is a clear move above the $2,460 resistance level.
- Ethereum is consolidating gains below the $2,460 resistance zone.
- The price is trading above $2,400 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline forming with support at $2,435.
- A close above the $2,460 and $2,480 levels could start a new rally for the currency pair.
Ethereum Price Aims Higher
Ethereum price continued to rise after breaking the $2,350 resistance level. ETH rose above $2,400 and tested the $2,460 area. A high was made near $2,463, and the price is currently continuing its upward trend, with Bitcoin continuing its upward trend above the $45,000 level.
Ether is trading above the 23.6% Fib retracement level of the recent wave from the $2,352 swing low to the $2,463 high. There is also a major bullish trend line forming with support at $2,435 on the hourly chart of ETH/USD.
Ethereum is currently trading above $2,400 and the 100-hour simple moving average. Any new increases could send prices skyrocketing above the $2,460 level. On the positive side, the first major resistance is near the $2,500 level. The next major resistance is near $2,550, above which the price could rise to test the $2,620 resistance.
Source: ETHUSD on TradingView.com
If the uptrend continues, the price may rise above the $2,620 resistance. If specified, the price could rise to the $2,700 level.
Another decline for ETH?
If Ethereum fails to clear resistance at $2,460, a downward correction could begin. Initial support for the downside is near the $2,435 level and trendline.
The next major support could be the $2,400 zone or the 50% Fib retracement level of the recent wave from the $2,352 swing low to the $2,463 high. 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 – $2,400
Key Resistance Level – $2,460
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