Ethereum price is gaining pace above the $2,320 resistance zone. ETH is up over 5% and it seems like ETH is finally outperforming Bitcoin.
Ethereum is gaining pace and trading above the $2,300 support zone.
The price is trading above $2,350 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2,380 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its rally toward the $2,500 and $2,550 resistance levels.
Ethereum Price Starts Fresh Rally
Ethereum price extended its decline below the $2,250 level. ETH even spiked below the $2,200 level before the bulls appeared. A low was formed near $2,180 and the price started a strong increase, outperforming Bitcoin.
There was a move above the $2,250 and $2,280 resistance levels. The bulls even pumped the price above the $2,350 resistance. A new multi-day high is formed near $2,441 and the price is now consolidating gains. The price is now trading above the 23.6% Fib retracement level of the upward move from the $2,180 swing low to the $2,441 high.
Ethereum is now trading above $2,350 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,440 level.
Source: ETHUSD on TradingView.com
The first major resistance is now near $2,500. A close above the $2,500 resistance could send the price toward $2,500. The next key resistance is near $2,620. A clear move above the $2,620 zone could start another increase. The next resistance sits at $2,700, above which Ethereum might rally and test the $2,800 zone.
Downside Correction in ETH?
If Ethereum fails to clear the $2,440 resistance, it could start a fresh decline. Initial support on the downside is near the $2,380 level and the trend line.
The first key support could be the $2,320 zone or the 50% Fib retracement level of the upward move from the $2,180 swing low to the $2,441 high. A downside break and a close below $2,320 might spark more bearish moves. In the stated case, Ether could revisit the $2,200 support. Any more losses might send the price toward the $2,120 level.
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 level.
Major Support Level – $2,320
Major Resistance Level – $2,440
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
