Ethereum price is consolidating above $2,250. ETH could start a new rally if it clearly breaks above the $2,320 resistance zone.
- Ethereum began a new rise above the $2,200 and $2,220 levels.
- The price is trading above $2,240 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major ascending channel with support near $2,275.
- A close above $2,320 and $2,350 could start a steady increase for the pair.
Ethereum price, more attention on the rise
Ethereum price began to rise steadily above the $2,180 resistance level. ETH gained bullish momentum after breaking the $2,200 resistance level.
The price soared above the $2,300 level and stabilized above the 100-hour simple moving average. A high was reached near $2,332 and the price continues to rise. A small bearish wave emerged below the $2,300 level. However, Ethereum is still above $2,240 and the 100-hour simple moving average.
There is also a major ascending channel on the hourly chart of ETH/USD with support near $2,275. Channel support and the 100-hourly SMA are close to the 23.6% Fib retracement level, rising from the $1,980 swing low to the $2,332 high.
Source: ETHUSD on TradingView.com
On the other hand, the price is finding resistance near $2,320. The next major resistance is near the $2,350 level. The main resistance level is still close to $2,400. A clear break above the $2,400 area could push the price towards the $2,500 level. The next resistance level is $2,520. Any more gains could start a wave towards the $2,580 level.
A new downtrend for ETH?
If Ethereum fails to clear the $2,320 resistance, a new downtrend could begin. Initial support on the downside is near the $2,275 level or the 100-hour simple moving average and channel trendline. The next major support is at $2,165.
Key support is now near $2,120, or the 61.8% Fib retracement level of the rise from the $1,980 swing low to the $2,332 high. A decline below $2,120 could begin another major decline. If specified, Ether could regain $2,000 support.
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 – $2,275
Key Resistance Level – $2,320
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