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