Ethereum price rose above the $2,320 resistance zone. ETH is correcting gains, but the 100-hour SMA may provide support and start a new increase.
- Ethereum began an extended recovery above the $2,320 resistance zone.
- The price is trading above $2,300 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a break occurred below the major bullish trend line with support at $2,325.
- If it holds above the $2,300 level, it could start a new rally.
Ethereum price maintains support
Ethereum price remained in positive territory above the $2,250 resistance zone. ETH cleared the $2,320 resistance and moved further into positive territory, outperforming Bitcoin.
The price traded close to the $2,400 level. A high was made near $2,390 and the price is currently correcting to the upside. There was a move below the $2,350 level. Price broke the 50% Fib retracement level rising from the $2,235 swing low to the $2,390 high.
Moreover, a break occurred below the major bullish trend support at $2,325 on the hourly chart of ETH/USD. However, Ethereum is still above $2,300 and the 100-hour simple moving average.
Source: ETHUSD on TradingView.com
On the positive side, the first major resistance is near the $2,325 level. The next major resistance is near $2,350, above which the price could rise to test the $2,400 resistance. If bulls push the price above the $2,400 resistance, they could target $2,450. A clear break above the $2,450 level could push the price even higher. If specified, the price could rise to the $2,550 level.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,325 resistance, it may continue to fall. Initial support on the downside is near the $2,300 level and 100-hourly SMA.
The next major support could be the $2,295 zone or the 61.8% Fib retracement level of the rise from the $2,235 swing low to the $2,390 high. A daily close below the $2,295 support could begin another steady decline. If indicated, Ether could test the $2,200 support. Any more losses could push the price down to the $2,120 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $2,300
Key Resistance Level – $2,325
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