This article is also available in Spanish.
Ethereum price started a new uptrend above the $2,335 resistance level. ETH is now targeting further upside above the $2,420 resistance level.
- Ethereum started to rise again from the $2,280 resistance level.
- The price is trading above $2,350 and the 100 hourly simple moving average.
- On the ETH/USD hourly chart based on data provided by Kraken, there is a support line forming at $2,310, with a major bullish trend line forming.
- The pair needs to break the resistance level of $2,420 to continue its uptrend in the short term.
Ethereum Price Rise Target
Ethereum price formed a base near $2,280 and started a new uptrend like Bitcoin. ETH was able to break through the resistance levels of $2,320 and $2,350.
BTC is up more than 5%, but ETH is struggling to match the strength. It broke the 76.4% Fibonacci correction level of the downtrend from the $2,392 swing high to the $2,277 low. It even traded above the $2,392 high and is now showing positive signs.
The Ethereum price is currently trading above $2,350 and the 100-hourly simple moving average. There is also a major bullish trend line forming with support at $2,310 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing a hurdle near the $2,420 level. It is near the 1.236 Fibonacci extension level of the downtrend from the $2,392 swing high to the $2,277 low. The first major resistance level is near the $2,450 level. The next major resistance level is near the $2,550 level.
A break above the $2,550 resistance level could generate more gains. In that case, Ether could rally to the $2,650 resistance level in the short term. The next hurdle is at the $2,720 level or near $2,750.
Is the price drop supported in ETH?
If Ethereum fails to break the $2,420 resistance, it could start another downtrend in the short term. The initial support for the downtrend is near $2,365. The first major support is near the $2,310 area and the trendline area.
A clear move below the $2,310 support level could see the price rise to $2,280. Further losses could see the price rise to the $2,220 support level in the short term. The next major support level is $2,150.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in a bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Key Support Level – $2,310
Key Resistance Level – $2,420