Ethereum price started a fresh upward move above the $2,420 resistance. ETH traded close to $2,500 and is now consolidating gains.
- Ethereum started another increase from the $2,320 resistance.
- The price is trading above $2,400 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $2,385 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,480 resistance to continue higher in the near term.
Ethereum price rises over 8%
Ethereum price remained well supported and increased its increase, surpassing Bitcoin. ETH managed to overcome the resistance levels of $2,350 and $2,420.
There was a sharp move and the price rose by almost 10%. It was trading close to the $2,500 resistance zone. A high was formed at $2,493 and the price is now consolidating gains. There was a minor decline below the $2,460 level. The price tested the 23.6% Fib retracement level of the upward move from the $2,277 swing low to $2,493 swing high.
Ethereum price is now trading above $2,440 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $2,385 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward move from the $2,277 swing low to $2,493 high.
On the upside, the price seems to be facing hurdles near the $2,480 level. The first major resistance is near the $2,500 level. The next key resistance is near the $2,550 level.
An upside break above the $2,550 resistance could call for more gains. In the stated case, Ether could rally towards the $2,650 resistance zone in the near term. The next hurdle lies near the $2,750 or $2,800 level.
Are dips limited on ETH?
If Ethereum fails to clear the $2,480 resistance, it could start a downside correction. The initial support on the downside is near the $2,440 level. The first major support is near the $2,385 zone and the trendline zone.
A clear move below the $2,385 support could push the price towards $2,320. Any more losses could send the price towards the $2,250 support level in the near term. The next key support lies at $2,200.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,385
Major Resistance Level – $2,500