This article is also available in Spanish.
Ethereum price is trying to make a up-to-date uptrend above $2,300. ETH could gain upside momentum if it breaks through the resistance zone at $2,400.
- Ethereum is trying to break through the bullish wave above the USD 2,300 level.
- The price remains above $2,330 and the 100-hour uncomplicated moving average.
- On the hourly chart of the ETH/USD pair (data via Kraken), a connecting uptrend line is forming with support at $2,335.
- To continue rising in the near future, the pair needs to break through the resistance level of USD 2,400.
Ethereum price has a better chance of rising
Ethereum price started a rebound above the $2,300 level. ETH was able to break through the $2,320 resistance zone to move into the positive zone like Bitcoin. However, bears were vigorous near the $2,400 resistance.
A high was formed at $2398 and price is currently consolidating gains. There was a miniature decline below the $2360 level. Price fell below the 23.6% Fibonacci retracement level of the upside from the $2242 swing low to the $2398 high.
Ethereum price is now trading above $2,300 and the 100-hour uncomplicated moving average. There is also a connecting bullish trendline forming with support at $2,335 on the ETH/USD hourly chart.
On the other hand, the price seems to be facing obstacles near the $2,380 level. The first major resistance is near the $2,400 level. A close above the $2,400 level could take Ether towards the $2,465 resistance. The next key resistance is near the $2,500 level. A break of the $2,500 resistance upwards could signal further gains towards the $2,550 resistance zone in the near future.
Another ETH drop?
If Ethereum fails to break through the $2,400 resistance, it could begin another decline. Initial downside support is near $2,335 and the trendline. The first major support is near the $2,300 zone or the 61.8% Fibonacci retracement level of the upside move from the $2,242 swing low to the $2,398 high.
A clear move below the $2,300 support could push the price towards $2,240. Any further losses could send the price towards the $2,150 support level in the near future. The next key support is at $2,050.
Technical indicators
Hourly MACD – MACD for ETH/USD is losing momentum in the growth zone.
Hourly RSI – The RSI indicator for the ETH/USD pair has already exceeded the level of 50.
Major Support Level – $2240
Main resistance level – $2400
