Ethereum price retested the $2,440 resistance zone. ETH is consolidating gains and may attempt a new increase towards the $2,600 level soon.
- Ethereum gained strength by rising above the $2,350 level.
- The price is trading above $2,350 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 $2,360.
- If there is a clear move above $2,430 and $2,440, the pair may continue to rise.
Ethereum price remains supported
The price of Ethereum, like Bitcoin, began a significant rise above the $2,300 level. ETH has gained speed to move above the $2,350 level and into positive territory.
The price also exceeded the $2,400 level. However, declines were seen near the $2,440 resistance zone. A high was made near $2,430 and the price is currently correcting to the upside. There was a move below the $2,400 level. The price fell below the 23.6% Fib retracement level, rising from the $2,260 swing low to the $2,430 high.
However, Ethereum is still above $2,350 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 $2,360.
Source: ETHUSD on TradingView.com
On the other hand, the price is finding resistance near $2,390. The first major resistance is currently near $2,440. A break above the $2,440 resistance could push the price up to $2,500. The next major resistance is near $2,550. A clear move above $2,550 could lead to a move towards $2,620. The next resistance level is $2,650, above which Ethereum could test the $2,800 area.
Are there any more disadvantages of ETH?
If Ethereum fails to clear the $2,440 resistance, it may continue to fall. Initial support for the downside is near the $2,360 level and trend line.
The first major support could be the $2,350 zone or the 50% Fib retracement level rising from the $2,260 swing low to the $2,430 high. A break below and a close below $2,350 could begin another steady decline. If noted, Ether could test the $2,265 support. Any more losses could push the price down to the $2,200 level.
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 – $2,350
Key Resistance Level – $2,440
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