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 increase above the $2,220 zone. ETH is now showing positive signs and might aim for a move above the $2,550 zone.
- Ethereum started a fresh upward move above the $2,220 level.
- The price is trading above $2,320 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2,390 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it settles above the $2,500 resistance zone in the near term.
Ethereum Price Eyes More Gains
Ethereum price started a fresh increase above the $2,200 support level, like Bitcoin. ETH price was able to clear the $2,220 and $2,250 resistance levels to move into a positive zone.
The bulls even pushed the price above the 61.8% Fib retracement level of the downward wave from the $2,568 swing high to the $2,115 low. However, they are now facing hurdles near the $2,480 and $2,500 levels. Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average.
The price is now just above the 76.4% Fib retracement level of the downward wave from the $2,568 swing high to the $2,115 low. On the upside, the price could face resistance near the $2,500 level. The next key resistance is near the $2,550 level.
The first major resistance is near the $2,565 level. A clear move above the $2,565 resistance might send the price toward the $2,650 resistance. An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,720 resistance zone or even $2,800 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,500 resistance, it could start a fresh decline. Initial support on the downside is near the $2,390 level and the trend line. The first major support sits near the $2,350 zone.
A clear move below the $2,350 support might push the price toward the $2,320 support. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,150.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,350
Major Resistance Level – $2,500
