Ethereum price started a new rally and remained stable above $2,365. $ETH The price is currently consolidating, and if it exceeds $2,400, there is a possibility of further profits.
- Ethereum has started a steady rise above the $2,365 zone.
- The price is trading above $2,370 and the 100-hour simple moving average.
- On the hourly chart, there was a break above the contracting triangle with resistance at $2,320. $ETH/USD (data feed via Kraken).
- If the pair sustains a break above the $2,330 zone, the pair is likely to continue moving higher.
Ethereum price aims for new high above $2,420
Ethereum price managed to rise above the $2,320 support and started a new rally similar to Bitcoin. $ETH The price picked up pace to move above $2,350 and $2,365.
On the hourly chart, there was a break above the contracting triangle with resistance at $2,320. $ETH/USD. Prices rose to $2,400. A high was formed at $2,404 and the price is currently consolidating its upside. Profit remains above the 23.6% Fib retracement level from the swing low of $2,286 to the high of $2,404.
Ethereum price is currently trading above $2,370 and its 100-hour simple moving average. If the bulls sustain the action above $2,330, the price may try to move higher. Immediate resistance is seen near the $2,400 level.
The first major resistance level is near the $2,420 level. The next major resistance level is near the $2,450 level. If there is a clear break above the $2,450 resistance, the price could head 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 $2,565 in the short term.
further decline $ETH?
If Ethereum fails to clear the $2,400 resistance level, a downside correction could begin. Initial support on the downside is near the $2,345 level, or the 50% Fib retracement level of the rise from the swing low of $2,286 to the high of $2,404. The first major support is located near the $2,330 zone.
A clear move below the $2,330 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 gaining momentum in the bullish zone.
hourly RSI – RSI $ETH/USD is currently above the 50 zone.
Major Support Level – $2,330
High resistance level – $2,400
