Ethereum price started a new rally and remained stable above $2,350. $ETH The price is currently consolidating, and if it exceeds $2,425, there is a possibility of further profits.
- Ethereum has started a steady rise above the $2,380 zone.
- The price is trading above $2,350 and the 100-hour simple moving average.
- On the hourly chart of , a bullish trend line is forming with support at $2,320. $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 Corrects Recent Rise
Ethereum price managed to rise above the $2,250 support and started a new rally similar to Bitcoin. $ETH Prices rose at a pace above $2,350 and $2,380.
The last swing high was formed at $2,424 before the downside correction occurred. The price fell below the $2,380 level. There was a move below the 38.2% Fib retracement level of the upward movement from the swing low of $2,258 to the high of $2,424.
Ethereum price is currently trading above $2,320 and its 100-hour simple moving average. On the hourly chart of , a bullish trend line has also formed with support at $2,320. $ETH/USD.
If the bulls sustain the action above $2,300, the price could try to move higher. Immediate resistance is seen near the $2,385 level. The first major resistance level is near the $2,400 level. The next major resistance level is near the $2,420 level. A clear break above the $2,420 resistance could send the price heading towards the $2,440 resistance. A break above the $2,440 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,500 resistance zone and even $2,550 in the short term.
further decline $ETH?
If Ethereum fails to break out of the $2,420 resistance level, a downside correction could begin. Initial support on the downside is near the $2,340 level, or the 50% Fib retracement level of the rise from the swing low of $2,258 to the high of $2,424. 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 $2,285 support. Any further losses could send the price towards the $2,250 area. The main support could be at $2,200.
technical indicators
Hourly MACD – MACD of $ETH/USD is losing momentum in the bullish zone.
hourly RSI – RSI $ETH/USD is currently above the 50 zone.
Major Support Level – $2,320
Major Resistance Level – $2,385
