Ethereum price continued its upward trend above the $2,250 resistance line. ETH is up more than 10% and may continue to rise towards the $2,500 resistance.
- Ethereum is showing positive signs and recently broke above the $2,300 resistance level.
- The price is trading above $2,250 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trend line forming with support near $2,250.
- A break above the $2,320 resistance could extend the rally.
Ethereum price rally extends
Ethereum price, like Bitcoin, stayed in the positive area above $2,120. ETH continued its upward trend above the $2,200 and $2,250 resistance levels. The uptrend continued and the price soared above $2,300.
A new multi-month high was made around $2,316 and the price is currently correcting its upward trend. There was a move below the $2,300 level. The price is currently testing the 23.6% Fib retracement level, rising from the $2,188 swing low to the $2,316 high.
Ethereum is currently trading above $2,250 and the 100-hour simple moving average. Moreover, on the hourly chart of ETH/USD, there is a major bullish trend line forming with support near $2,250.
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. A clear break above the $2,350 area could push the price towards the $2,420 level. The next resistance level is $2,450. Any more profits could start a wave towards the $2,500 level.
Are dips supported on ETH?
If Ethereum fails to clear resistance at $2,320, a downward correction could begin. Initial support for the downside is near the $2,265 level.
The next major support levels are $2,250 and the trend line. It is near the 50% Fib retracement level from the $2,188 swing low to the $2,316 high. Key support is currently near $2,200 or the 100-hour simple moving average. A sustained decline below $2,200 could lead to a prolonged decline. Key support is currently at $2,120, and a break below this level risks a near-term decline towards the $2,080 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,200
Key Resistance Level – $2,320