Ethereum price rose above the $2,350 resistance level. ETH is outperforming Bitcoin and could definitely break above the $2,400 resistance level.
- Ethereum is attempting a new rally above the $2,350 resistance level.
- The price is trading above $2,320 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major ascending channel with support around $2,300.
- A close above the $2,400 level could trigger a new surge for the pair.
Ethereum price begins to increase
Ethereum price formed a base above the $2,220 level and began a new rise. ETH has seen a sharp rise despite the Bitcoin price falling below $46,500. The price showed an upward trend beyond the $2,300 and $2,320 levels.
It even broke the $2,350 resistance and tested the $2,400 area. The highest price was reached around $2,399 and the price continues to rise. It fell slightly below $2,360. The price recently fell below the 23.6% Fib retracement level from the $2,243 swing low to the $2,399 high.
Ethereum is currently trading above $2,320 and the 100-hour simple moving average. Additionally, a major ascending channel has formed on the hourly chart of ETH/USD with support near $2,300.
In case of a fresh price increase, the price may face resistance near the $2,380 level. The next major resistance is currently near $2,400. A clear break above the $2,400 level could see ETH heading towards $2,440. A break above the $2,440 resistance could initiate a significant uptrend.
Source: ETHUSD on TradingView.com
The next major resistance is near $2,550. If the bulls push Ethereum above $2,550, there could be an upward trend towards $2,720. If more gains occur, the price may head towards the $2,800 area.
Another drop in ETH?
If Ethereum fails to clear the $2,400 resistance, a new downtrend could begin. Initial support for the bears is near the $2,320 level or the 50% Fib retracement level of the recent increase from the $2,243 swing low to the $2,399 high.
The first major support could be the $2,300 zone. If a downside is discovered and the price closes below $2,300, the price could go lower. If indicated, Ether could test the $2,240 support. Any more losses could push the price down to the $2,150 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 – $2,300
Key Resistance Level – $2,400
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