While Bitcoin is expanding its gains, Ethereum price is still struggling to clear resistance at $2,265. ETH could rise if it closes above $2,265 and above $2,320.
- Ethereum is still struggling to gain speed above the $2,265 resistance zone.
- The price is trading above $2,220 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 $2,180.
- A close above $2,265 and $2,320 could start a strong rally for the pair.
Ethereum Price Aims Higher
Ethereum price remained above the $2,200 support zone. The bulls protected the big decline and pushed the price above the $2,220 level.
There was an advance above the $2,250 level, but bears remain active near the $2,265 resistance zone. A high was made near $2,264 and the price is currently consolidating gains near the 23.6% Fib retracement level from the $2,155 swing low to the $2,264 high.
Ethereum is currently trading above $2,220 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a major bullish trend line forming with support near $2,180.
Meanwhile, the price is finding resistance near $2,265. A break above the $2,265 barrier could initiate a significant rally. The next major resistance is near the $2,320 level. A clear break above the $2,320 area could push the price towards the $2,400 level.
Source: ETHUSD on TradingView.com
The next resistance level is $2,420. More gains could start a wave towards the $2,500 level where Ethereum could test and test the $2,550 area.
Another rejection by ETH?
If Ethereum fails to clear the $2,265 resistance, another decline could begin. Initial support on the downside is near the $2,220 level and the 100-hourly SMA.
The first key support could be the $2,180 zone and the trend line. If a downside is discovered and it closes below $2,180, the price could go lower. As stated, Ether could revisit the $2,120 support. More losses could push the price towards the $2,000 level in the next session.
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 – $2,180
Key Resistance Level – $2,265
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