ethereum price is consolidating gains above $2,400. eth could start a major rise if there is a clear move above the $2,460 resistance.
- ethereum is consolidating gains below the $2,460 resistance zone.
- The price is trading above $2,400 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support at $2,435 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a fresh rise if it closes above the $2,460 and $2,480 levels.
ethereum price points higher
ethereum price saw a steady rise after breaking the $2,350 resistance. eth rose above $2,400 and tested the $2,460 area. A high was formed near $2,463 and the price is now consolidating gains, while bitcoin extended its rise above the $45,000 level.
Ether is trading above the 23.6% Fibonacci retracement level of the recent wave from the low of $2,352 to the high of $2,463. There is also a major bullish trend line forming with support at $2,435 on the hourly chart of eth/USD.
ethereum is now trading above $2,400 and the 100 hourly simple moving average. If there is a further increase, the price could surpass the $2,460 level. On the upside, the first major resistance is near the $2,500 level. The next major resistance is near $2,550, above which the price could rise and test the resistance of $2,620.
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Fountain: ETHUSD on TradingView.com
If the bulls remain in action, they could even push the price above the $2,620 resistance. In the indicated case, the price could rise towards the $2,700 level.
Another bearish wave on eth?
If ethereum fails to overcome the $2,460 resistance, it could start a downward correction. Initial support on the downside is near the $2,435 level and the trend line.
The next key support could be the $2,400 zone or the 50% Fibonacci retracement level of the recent wave from the low of $2,352 to the high of $2,463. 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: $2,400
Main Resistance Level: $2,460
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