ethereum price gained ground and rose above $2,400. eth is now showing bullish signs and could extend the gains towards the $2,550 level.
- ethereum is gaining bullish momentum above the $2,380 area.
- The price is trading above $2,350 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $2,400 on the hourly chart of eth/USD (data via Kraken).
- The pair could correct lower but the bulls could be active near the $2,400 support zone.
ethereum price gains strength
ethereum price remained strong above the $2,250 level. eth started another rise like bitcoin and was able to overcome some key hurdles near the $2,350 zone.
The price jumped above the $2,400 level and tested the $2,450 resistance. A high is formed near $2,449 and the price is now consolidating gains. It is trading above the 23.6% Fibonacci retracement level of the recent rise from the low of $2,353 to the high of $2,449.
ethereum is also trading above $2,350 and the 100 hourly simple moving average. Additionally, a key bullish trend line is forming with support at $2,400 on the hourly chart of eth/USD. The trend line is near the 50% Fibonacci retracement level of the recent rise from the low of $2,353 to the high of $2,449.
On the upside, the first major resistance is near the $2,450 level. The next major resistance is near $2,500, above which the price could rise and test the resistance of $2,550.
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Fountain: ETHUSD on TradingView.com
If the bulls remain in action, they could even lift the price above the $2,620 resistance. In the indicated case, the price could rise towards the $2,700 level.
Are drops in eth limited?
If ethereum fails to overcome the $2,450 resistance, it could start a downward correction. Initial support on the downside is near the $2,425 level.
The next key support could be the $2,400 area or the trend line. A clear move below the $2,400 support could send the price towards $2,375. The main support could be $2,350. Any further losses could send the price towards the $2,240 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: $2,375
Main Resistance Level: $2,450
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