ethereum price is targeting a bullish break above the $2,440 resistance. eth could rally like bitcoin if there is a close above the $2,500 level.
- ethereum is rising from the $2250 support level.
- The price is trading above $2,350 and the 100 hourly simple moving average.
- There was a break above a major downtrend line with resistance near $2,300 on the hourly chart of eth/USD (data via Kraken).
- The pair could accelerate further if there is a clear move above $2,400 and $2,440.
ethereum Price Eyes Key Bullish Breakout
ethereum price found support near the $2,250 level and recently started a new rise. eth managed to recover after bitcoin broke through the $44,400 resistance zone.
The price broke through the $2,300 and $2,320 resistance levels. There was also a break above a major downtrend line with resistance near $2,300 on the hourly chart of eth/USD. The pair rose above the 61.8% Fibonacci retracement level of the downward move from the high of $2.445 to the low of $2.258.
bitcoin is now trading above $2,350 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $2,400 level. It is close to the 76.4% Fibonacci retracement level of the downside move from the high of $2,445 to the low of $2,258.
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Fountain: ETHUSD on TradingView.com
The first major resistance is now near $2,445. A close above the $2,445 resistance could send the price towards $2,500. The next key resistance is near $2,550. If the bulls remain in action and push eth above $2,550, there could be a trend towards $2,620. The next resistance lies at $2,650, above which ethereum could rally and test the $2,800 zone.
Another drop in eth?
If ethereum fails to overcome the $2,400 resistance, it could start another decline. Initial support on the downside is near the $2,350 level.
The first key support could be the $2,320 area. A break lower and close below $2,320 could start another major decline. In the given case, Ether could test the support at $2,250. Any further losses could send the price towards the $2,120 level.
Technical Indicators
MACD hourly – 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.
Main Support Level: $2,320
Main resistance level: $2,400
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