Ethereum price gained traction and rose above $2,350. ETH is currently showing positive signs and may extend its gains to the $2,500 level.
- Ethereum is gaining bullish momentum above the $2,350 area.
- The price is trading above $2,320 and the 100-hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), a breakout occurred above a major rising channel forming resistance near $2,350.
- The pair may correct lower, but the decline may be limited below the $2,335 support zone.
Ethereum price turns green
Ethereum price established a base above the $2,220 level and began a significant rise. ETH outperformed Bitcoin and was able to overcome several hurdles near the $2,350 level.
On the hourly chart of ETH/USD, a breakout occurred above a major ascending channel forming resistance near $2,350. The bulls drove the pair to the $2,400 level. The highest price was reached around $2,389 and the price continues to rise.
It fell slightly below the $2,365 level. Ethereum recently fell below the 23.6% Fib retracement level from the $2,282 swing low to the $2,389 high.
Ethereum is currently trading above $2,320 and the 100-hour simple moving average. On the positive side, the first major resistance is near the $2,380 level. The next major resistance is near $2,420, above which the price could rise to test the $2,485 resistance.
Source: ETHUSD on TradingView.com
If the bulls remain active, the price may rise above the $2,550 resistance. If specified, the price could rise to the $2,550 level.
Another drop in ETH?
If Ethereum fails to clear the $2,380 resistance, a downward correction could begin. Initial support for the downside is near the $2,350 level and the channel trendline.
The next major support could be the $2,335 zone or the 50% Fib retracement level of the recent increase from the $2,282 swing low to the $2,389 high. A clear move below the $2,335 support could lead the price towards $2,250. The main assistance amount could be $2,220. Any more losses could push the price down to the $2,120 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 – $2,335
Key Resistance Level – $2,380
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