Ethereum price started a new rally, trading 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 $2,220 zone.
- The price is trading above $2,300 and the 100-hour simple moving average.
- The price broke below the ascending channel supporting $2,385 on the hourly chart. $ETH/USD (data feed via Kraken).
- If the pair remains above the $2,300 zone, the pair is likely to continue moving higher.
Ethereum price failed to clear $2,400
Ethereum price managed to rise above the $2,200 support and started a new rally similar to Bitcoin. $ETH Prices rose at a pace above $2,220 and $2,280.
The bulls pushed the price above the $2,365 resistance. The high was formed at $2,417 and the price is currently correcting up. There was a move below the 23.6% Fib retracement level of the upward movement from the swing low of $2,180 to the high of $2,416.
Ethereum price is currently trading above $2,300 and its 100-hour simple moving average. If the bulls sustain the action above $2,300, the price could try to move higher.
Immediate resistance is seen near $2,360. The first major resistance level is near the $2,380 level. The next major resistance level is near the $2,400 level. A clear break above the $2,400 resistance could send the price heading towards the $2,480 resistance. A break above the $2,480 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.
Further downside in $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 $2,320 level. The first major support is located near the $2,300 zone.
A clear break below the $2,300 support could push the price towards the $2,270 support and the 61.8% Fib retracement level of the $2,180 swing low to $2,416 high. Any further losses could send the price towards the $2,220 area. The main support could be at $2,180.
technical indicators
Hourly MACD – MACD of $ETH/USD is losing momentum in the bullish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $2,270
High resistance level – $2,400
