Ethereum price started a new increase and remained stable above $2,350. ETH is now consolidating and may aim for further gains if it crosses $2,400.
- Ethereum has started to steadily rise above the $2,350 area.
- The price is trading above the $2,365 level and the 100 hourly simple moving average.
- There is an uptrend line forming with support at $2,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue rising if it remains above the $2,320 area.
Ethereum price is aiming for new gains
Ethereum price managed to stay above the $2,300 support level and started a new increase, e.g Bitcoin. ETH price gained pace to move above $2,320 and $2,350.
The price even went up to $2,365. The high was formed at $2,387, and the price is now consolidating its gains. It maintains its gains above the 23.6% Fibonacci retracement level Move up From the swing low of $2220 to the swing high of $2387.
Ethereum price is now trading above the $2,350 level and the 100 hourly simple moving average. There is also an uptrend line forming with support at $2,340 on the hourly chart of the ETH/USD pair,
If the bulls keep moving above the $2,350 level, the price may try to rise again. Immediate resistance is seen near the $2,385 level. The first major resistance is near the $2,400 level. The next major resistance is near the $2420 level. A clear move above the $2420 resistance level could send the price towards the $2500 resistance level. A bullish break above the $2,500 area may require further gains in the coming days. In the mentioned case, Ether could rise towards the resistance area of $2,550 or even $2,565 in the near term.
Another drop in ETH?
If Ethereum fails to break above the $2,400 resistance level, it may start a downward correction. Initial support on the downside is near the $2,350 level. The first major support is near the $2,340 area and the trend line.
A clear move below the $2,340 support level could push the price towards the $2,300 support level or the 50% Fibonacci retracement level of the upward move from the $2,220 swing low to the $2,387 swing high. Any further losses could send the price towards the $2,260 area. Major support could be $2,220.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Major support level – $2,340
Major resistance level – $2,400
