Ethereum price is consolidating above $2,250. ETH could begin a significant rally if it clears the $2,340 and $2,380 resistance levels.
- Ethereum is struggling to gain speed above the $2,350 area.
- The price is trading above $2,300 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a short-term rising channel forming with resistance near $2,350.
- A break above the $2,350 resistance could start a new rally.
Ethereum Price Eyes Fresh Increase
Ethereum price remained in a range below the $2,350 resistance zone. ETH was trading lower below $2,320, but bulls were active near the $2,280 support zone.
A low was made near $2,282, and the price is now attempting a new rally in the same range as Bitcoin. There was movement above the $2,300 resistance zone and the 100-hourly simple moving average. The price also cleared the 61.8% Fib retracement level of the recent decline from the $2,334 swing high to the $2,282 low.
Ethereum is currently trading above $2,300 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a short-term ascending channel with resistance forming near $2,350.
On the upside, the first major resistance is near the $2,325 level, i.e. the 76.4% Fib retracement level of the recent decline from the $2,334 swing high to the $2,282 low. The next major resistance is near $2,350, above which the price could rise to test the $2,380 resistance.
Source: ETHUSD on TradingView.com
If the bulls push the price above the $2,380 resistance, they could target $2,450. A clear break above the $2,450 level could push the price even higher. If specified, the price could rise to the $2,500 level.
Another drop in ETH?
If Ethereum fails to clear the $2,350 resistance, another decline could begin. Initial support for the downside is near the $2,280 level and the channel trendline.
The next major support could be the $2,240 zone. A clear move below the $2,240 support could lead the price towards $2,180. The main assistance amount could be $2,120. Any more losses could push the price down to the $2,040 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,240
Key Resistance Level – $2,350
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