Ethereum price recovered its losses by maintaining above $2,170. ETH is consolidating and still faces many obstacles near $2,350 and $2,400.
- Ethereum is attempting a new rise above the $2,300 resistance level.
- The price is trading above $2,250 and the 100-hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), a breakout occurred above a bearish trend line connecting with resistance near $2,245.
- A close above the $2,350 level could give the pair some bullish momentum.
Ethereum price gains strength again
Ethereum price continued its downward trend below the $2,200 level. However, ETH remained stable near the $2,180 and $2,170 levels. A low was formed near $2,170 and the price began a new rise, much like Bitcoin.
There was a significant increase above the $2,240 level. Additionally, on the hourly chart of ETH/USD, a breakout occurred above a bearish trend line connecting with resistance near $2,245. The pair moved above the $2,320 resistance, but bears remained active near $2,350.
A high was made around $2,358 and the price is currently correcting an upward trend. It fell slightly below the $2,320 level. The price moved below the 23.6% Fib retracement level, rising from the $2,170 swing low to the $2,358 high.
ETH is currently trading above $2,250 and the 100-hour simple moving average. In case of a fresh price increase, the price may face resistance near the $2,350 level. The next major resistance is currently near $2,400.
Source: ETHUSD on TradingView.com
The main uptrend obstacle is $2,450. A break above the $2,450 resistance could initiate a significant uptrend. The next major resistance is near $2,540. If bulls push Ethereum above $2,540, there could be a rally toward $2,720. If more gains occur, the price may head towards the $2,800 area.
Another drop in ETH?
If Ethereum fails to clear the $2,350 resistance, a new downtrend could begin. Initial support for the downside is near the $2,280 level.
The first major support could be the $2,260 zone or the 50% Fib retracement level of the rise from the $2,170 swing low to the $2,358 high. A breakout downward and a close below $2,260 could push the price lower. If indicated, Ether could test the $2,170 support. Any more losses could push the price down to the $2,050 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 – $2,260
Key Resistance Level – $2,350
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