Ethereum price retested the $2,440 resistance zone. ETH is consolidating gains and might soon attempt a fresh increase toward the $2,600 level.
Ethereum gained strength for a move above the $2,350 level.
The price is trading above $2,350 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $2,360 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if there is a clear move above $2,430 and $2,440.
Ethereum Price Remains Supported
Ethereum price started a decent increase above the $2,300 level, like Bitcoin. ETH gained pace for a move above the $2,350 level to move into a positive zone.
The price even climbed above the $2,400 level. However, the bears appeared near the $2,440 resistance zone. A high was formed near $2,430 and the price is now correcting gains. There was a move below the $2,400 level. The price declined below the 23.6% Fib retracement level of the upward move from the $2,260 swing low to the $2,430 high.
However, Ethereum is still above $2,350 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,360 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $2,390 level. The first major resistance is now near $2,440. A close above the $2,440 resistance could send the price toward $2,500. The next key resistance is near $2,550. If there is a clear move above $2,550, there could be a drift toward $2,620. The next resistance sits at $2,650, above which Ethereum might rally and test the $2,800 zone.
More Downsides in ETH?
If Ethereum fails to clear the $2,440 resistance, it could continue to move down. Initial support on the downside is near the $2,360 level and the trend line.
The first key support could be the $2,350 zone or the 50% Fib retracement level of the upward move from the $2,260 swing low to the $2,430 high. A downside break and a close below $2,350 might start another steady decline. In the stated case, Ether could test the $2,265 support. Any more losses might send the price toward the $2,200 level.
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 level.
Major Support Level – $2,350
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.
