ethereum price gained ground and rose above $2,350. eth is now showing positive signs and could extend the gains towards the $2,500 level.
- ethereum is gaining bullish momentum above the $2,350 area.
- The price is trading above $2,320 and the 100 hourly simple moving average.
- There was a break above a key ascending channel forming with resistance near $2,350 on the hourly chart of eth/USD (data via Kraken).
- The pair could correct lower but declines could be limited below the $2,335 support zone.
ethereum price turns green
ethereum price formed a base above the $2220 level and started a decent rise. eth outperformed bitcoin and was able to overcome some hurdles near the $2,350 level.
There was a break above a key ascending channel forming with resistance near $2,350 on the hourly chart of eth/USD. The bulls pushed the pair towards the $2,400 level. A high was formed near $2,389 and the price is now consolidating gains.
There was a small drop below the $2,365 level. Ether fell below the 23.6% Fibonacci retracement level of the recent rise from the low of $2,282 to the high of $2,389.
ethereum is now trading above $2,320 and the 100 hourly simple moving average. On the upside, the first major resistance is near the $2,380 level. The next major resistance is near $2,420, above which the price could rise and test the resistance of $2,485.
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Fountain: ETHUSD on TradingView.com
If the bulls remain in action, they could even lift the price above the $2,550 resistance. In the indicated case, the price could rise towards the $2,550 level.
Another drop in eth?
If ethereum fails to overcome the $2,380 resistance, it could start a downward correction. Initial support on the downside is near the $2,350 level and the channel trend line.
The next key support could be the $2,335 area or the 50% Fibonacci retracement level of the recent rise from the low of $2,282 to the high of $2,389. A clear move below the $2,335 support could send the price towards $2,250. The main support could be $2,220. Any further losses could send the price towards the $2,120 level.
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: $2,335
Main Resistance Level: $2,380
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