Ethereum price started a new rally, trading above $2,350. $ETH The price is currently consolidating and could aim for a further rally above $2,400.
- Ethereum started a steady rise from the $2,180 zone.
- The price is trading above $2,350 and the 100-hour simple moving average.
- On the hourly chart, the price broke above the bearish trend line with resistance at $2,200. $ETH/USD (data feed via Kraken).
- If the pair sustains a break above the $2,320 zone, the pair is likely to continue moving higher.
Ethereum price soars to $2,400
Ethereum price managed to rise above the $2,180 support and started a new rally similar to Bitcoin. $ETH Prices rose at a pace above $2,200 and $2,250.
On the hourly chart, the price broke above the bearish trend line with resistance at $2,200. $ETH/USD. The bulls pushed the price above the $2,350 resistance. A high was formed at $2,395 and the price is currently consolidating gains above the 23.6% Fib retracement level of the rise from the swing low of $2,179 to the high of $2,395.
Ethereum price is currently trading above $2,350 and its 100 hourly simple moving average. If the bulls sustain the action above $2,320, the price may try to move higher.
Immediate resistance is seen near $2,380. The first major resistance level is near the $2,400 level. The next major resistance level is near the $2,440 level. A clear break above the $2,440 resistance could send the price towards the $2,500 resistance. A break above the $2,500 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,550 resistance zone and even $2,620 in the short term.
Under price correction $ETH?
If Ethereum fails to clear the $2,400 resistance level, a downside correction could begin. The first support on the downside is near the $2,345 level. The first major support is located near the $2,320 zone.
A clear move below the $2,320 support could push the price towards the $2,260 support and the 61.8% Fib retracement level of the $2,179 swing low to $2,395 high. Any further losses could send the price towards the $2,230 area. The main support could be at $2,180.
technical indicators
Hourly MACD – MACD of $ETH/USD is gaining momentum in the bullish zone.
hourly RSI – RSI $ETH/USD is currently above the 50 zone.
Major Support Level – $2,260
High resistance level – $2,400
