The price of Ethereum surpassed the $2,100 level and exceeded $2,200. ETH is gaining pace and may surge above the $2,220 level.
- Ethereum is showing many positive signs and recently cleared the $2,200 resistance level.
- The price is trading above $2,150 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a bullish trend line forming with support near $2,190.
- A break above the $2,220 resistance could extend the rally.
Ethereum price rises 5%
Ethereum price maintained a good price after stabilizing above the $2,000 level. ETH gained bullish momentum and cleared the $2,120 resistance level. Bulls pushed Bitcoin up to the $2,200 level just as it surpassed $40,000.
A new multi-month high was made around $2,229 and the price is currently on an upward trend. It is trading above the 23.6% Fib retracement level, rising from the $2,147 swing low to the $2,229 high. Additionally, the hourly chart of ETH/USD features a bullish trend line forming with support near $2,190.
Ethereum is currently trading above $2,180 and the 100-hour simple moving average. On the other hand, the price is finding resistance near $2,220.
The first major resistance is near the $2,250 level. The next resistance level is $2,320. A clear break above the $2,320 level could lead the price towards the $2,450 resistance area.
Source: ETHUSD on TradingView.com
The next resistance level is near $2,500, above which the price could target an increase towards the $2,650 level. Any more gains could start a wave towards the $2,800 level.
Are dips supported on ETH?
If Ethereum fails to clear resistance at $2,220, a downward correction could begin. Initial support for the downside is near the $2,190 level and trend line.
The next major support is $2,165, or the 76.4% Fib retracement level of the rise from the $2,147 swing low to the $2,229 high. The current main support amount is close to $2,120. A sustained decline below $2,120 could begin a steady decline. Key support is currently at $2,050, and a break below this level risks a near-term decline towards the $2,000 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 – $2,165
Key Resistance Level – $2,220