Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price started a fresh upward move above the $2,420 resistance. ETH traded close to $2,500 and is now consolidating gains.
- Ethereum started another increase from the $2,320 resistance.
- The price is trading above $2,400 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2,385 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,480 resistance to continue higher in the near term.
Ethereum Price Surges Over 8%
Ethereum price remained well-supported and extended its increase, beating Bitcoin. ETH was able to clear the $2,350 and $2,420 resistance levels.
There was a sharp move, and the price gained nearly 10%. It traded close to the $2,500 resistance zone. A high was formed at $2,493 and the price is now consolidating gains. There was a minor decline below the $2,460 level. The price tested the 23.6% Fib retracement level of the upward move from the $2,277 swing low to the $2,493 high.
Ethereum price is now trading above $2,440 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,385 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward move from the $2,277 swing low to the $2,493 high.
On the upside, the price seems to be facing hurdles near the $2,480 level. The first major resistance is near the $2,500 level. The next key resistance is near $2,550.
An upside break above the $2,550 resistance might call for more gains. In the stated case, Ether could rise toward the $2,650 resistance zone in the near term. The next hurdle sits near the $2,750 level or $2,800.
Are Dips Limited In ETH?
If Ethereum fails to clear the $2,480 resistance, it could start a downside correction. Initial support on the downside is near $2,440. The first major support sits near the $2,385 zone and the trend line zone.
A clear move below the $2,385 support might push the price toward $2,320. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,200.
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 zone.
Major Support Level – $2,385
Major Resistance Level – $2,500
