ethereum price is gaining pace above the $2,200 resistance. eth is up over 8% and could continue to rise towards the $2,500 resistance in the coming days.
- ethereum is gaining pace and recently broke the $2,250 resistance.
- The price is trading above $2,200 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $2,225 on the hourly chart of eth/USD (data via Kraken).
- The pair could extend its rally if it breaks the $2,275 resistance zone.
ethereum price follows bitcoin
ethereum price started a sharp rise above $2,000, as did bitcoin. eth overcame many hurdles near $2,120 to enter a positive zone. The price even surpassed the $2,200 level to set the tone for a further rise.
A new multi-month high formed near $2275 and the price is now consolidating gains. There was a minor move below the 23.6% Fibonacci retracement level of the upward move from the low of $2.148 to the high of $2.275. However, ethereum is still trading above $2,200 and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support near $2,225 on the hourly chart of eth/USD. On the upside, the price is facing resistance near the $2,250 zone.
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Fountain: ETHUSD on TradingView.com
The next key resistance is near the $2,275 level. A clear move above the $2,275 area could send the price towards the $2,320 level. The next resistance lies at $2,350. Any further gains could start a wave towards the $2,500 level.
Are drops in eth limited?
If ethereum fails to overcome the $2,250 resistance, it could start a downward correction. Initial support on the downside is near the $2,220 level and the trend line.
The next key support is $2.175 or the 76.4% Fibonacci retracement level of the upward move from the low of $2.148 to the high of $2.275. Major support is now near $2,150 or the 100 hourly simple moving average. A downside break below $2,150 could start a steady decline. Key support is now at $2,080, below which there is a risk of a move towards the $2,020 level in the near term.
Technical Indicators
MACD hourly – 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.
Main Support Level: $2,175
Main Resistance Level: $2250
