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Ethereum price gained traction and climbed above $2,350. ETH is now showing positive signs and might extend gains toward the $2,500 level.
- Ethereum is gaining bullish momentum above the $2,350 zone.
- The price is trading above $2,320 and the 100-hourly Simple Moving Average.
- There was a break above a key rising channel forming with resistance near $2,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might correct lower, but dips could be limited below the $2,335 support zone.
Ethereum Price Turns Green
Ethereum price formed a base above the $2,220 level and started a decent increase. ETH outperformed Bitcoin and was able to clear a few hurdles near the $2,350 level.
There was a break above a key rising channel forming with resistance near $2,350 on the hourly chart of ETH/USD. The bulls pumped the pair toward the $2,400 level. A high was formed near $2,389 and the price is now consolidating gains.
There was a minor decline below the $2,365 level. Ether dipped below the 23.6% Fib retracement level of the recent increase from the $2,282 swing low to the $2,389 high.
Ethereum is now trading above $2,320 and the 100-hourly Simple Moving Average. On the upside, the first major resistance is near the $2,380 level. The next major resistance is near $2,420, above which the price might rise and test the $2,485 resistance.
Source: ETHUSD on TradingView.com
If the bulls remain in action, they could even pump the price above the $2,550 resistance. In the stated case, the price could rise toward the $2,550 level.
Another Drop in ETH?
If Ethereum fails to clear the $2,380 resistance, it could start a downside correction. Initial support on the downside is near the $2,350 level and the channel trend line.
The next key support could be the $2,335 zone or the 50% Fib retracement level of the recent increase from the $2,282 swing low to the $2,389 high. A clear move below the $2,335 support might send the price toward $2,250. The main support could be $2,220. Any more losses might send the price toward the $2,120 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,335
Major Resistance Level – $2,380
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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