Ethereum price started a new rally and remained stable above $2,355. ETH is currently consolidating, and if it exceeds $2,400, there is a possibility of further profits.
Ethereum has started a steady rise above the $2,365 zone. The price is trading above $2,350 and the 100-hour simple moving average. A bullish trend line is forming on the hourly chart of ETH/USD with support at $2,350 (data feed via Kraken). If the pair remains above the $2,300 zone, the pair is likely to continue moving higher.
Ethereum price seems to demand $2,400
Ethereum price managed to rise above the $2,320 support and started a new rally similar to Bitcoin. ETH price rose at a pace above $2,340 and $2,350.
The price rose to $2,380. A high was formed at $2,398 and the price is currently consolidating its upside. There was a slight decline below the bull market's 23.6% Fib retracement level from the swing low of $2,220 to the high of $2,398.
Ethereum price is currently trading above $2,360 and its 100 hourly simple moving average. On the hourly chart of ETH/USD, a bullish trend line is forming with support at $2,350.
If the bulls sustain the action above $2,350, the price could try to move higher. Immediate resistance is seen near the $2,380 level. The first major resistance level is near the $2,400 level. The next major resistance level is near the $2,420 level. A clear break above the $2,420 resistance could send the price towards the $2,500 resistance. A break above the $2,500 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,550 resistance zone and even $2,565 in the short term.
Will ETH fall again?
If Ethereum fails to clear the $2,400 resistance level, a downside correction could begin. Initial support on the downside is near the $2,350 level and trend line. The first major support is located near the $2,330 zone.
A clear move below the $2,330 support could push the price towards the $2,310 support or the 50% Fib retracement level of the $2,220 swing low to $2,398 high. Any further losses could send the price towards the $2,285 area. The main support could be at $2,250.
technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $2,350
High resistance level – $2,400
