Ethereum price started a fresh rise and remained stable above $2,355. $ETH is consolidating and could aim for more gains if it hits $2,400.
- Ethereum started a steady increase above the $2,365 area.
- The price is trading above $2,350 and the 100 hourly simple moving average.
- A bullish trend line forms with support at $2,350 on the hourly chart of $ETH/USD (data feed via Kraken).
- The pair could continue to rise if it stays above the $2,300 zone.
Ethereum Price Appears to Claim $2,400
Ethereum price managed to stay above the $2,320 support and began a further rise, like Bitcoin. $ETH the price accelerated to move above $2,340 and $2,350.
The price even climbed to $2,380. A high was reached at $2,398 and the price is now consolidating its gains. There was a slight decline below the 23.6% Fibonacci retracement level of the upward move from the $2,220 low to $2,398 high.
Ethereum price is now trading above $2,360 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $2,350 on the hourly chart. $ETH/USD,
If bulls remain in action above $2,350, the price could attempt a further rise. Immediate resistance is seen near the $2,380 level. The first key resistance is near the $2,400 level. The next major resistance is near the $2,420 level. A sharp move above the $2,420 resistance could send the price towards the $2,500 resistance. A bullish break above the $2,500 region could lead to further gains in the coming days. In the presented case, Ether could reach the resistance zone of $2,550 or even $2,565 in the short term.
Another setback $ETH?
If Ethereum fails to clear the $2,400 resistance, it could trigger a downward correction. Initial downside support is near the $2,350 level and the trendline. The first major support lies near the $2,330 area.
A sharp move below the $2,330 support could push the price towards the $2,310 support or the 50% Fibonacci retracement level of the upward move from the $2,220 low to $2,398 high. Any further losses could push the price towards the $2,285 region. The main support could be $2,250.
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 – $2,400
