Ethereum price is rising above the $2,320 resistance level. ETH is up over 5% and it looks like ETH is finally outperforming Bitcoin.
- Ethereum is picking up speed and is trading above the $2,300 support area.
- The price is trading above $2,350 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a connecting bullish trendline with support at $2,380.
- The pair could extend the rally towards the $2,500 and $2,550 resistance levels.
Ethereum price begins a new rebound
Ethereum price continued its downward trend below the $2,250 level. ETH also surged below the $2,200 level before an uptrend took place. A low was formed around $2,180 and the price began to rise significantly, surpassing Bitcoin.
There was a move above the $2,250 and $2,280 resistance levels. The bulls even pushed the price above the resistance level of $2,350. Several days highs were made near $2,441 and the price is currently on an upward trend. The price is currently trading above the 23.6% Fib retracement level, rising from the $2,180 swing low to the $2,441 high.
Ethereum is currently trading above $2,350 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,440.
Source: ETHUSD on TradingView.com
The first major resistance is currently near $2,500. A break above the $2,500 resistance level could push the price towards $2,500. The next major resistance is near $2,620. A clear break above the $2,620 area could start another rally. The next resistance level is $2,700, above which Ethereum could test the $2,800 area.
Fixing ETH’s shortcomings?
If Ethereum fails to clear the $2,440 resistance, a new downtrend could begin. Initial support for the downside is near the $2,380 level and trendline.
The first major support could be the $2,320 zone or the 50% Fib retracement level of the rise from the $2,180 swing low to the $2,441 high. A break below and a close below $2,320 could trigger more bearish moves. If indicated, Ether could revisit 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 the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,320
Key Resistance Level – $2,440
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