ethereum price is consolidating above $2,250. eth could start a fresh rise if there is a clear move above the $2,320 resistance zone.
- ethereum started a new rise above the $2,200 and $2,220 levels.
- The price is trading above $2,240 and the 100 hourly simple moving average.
- There is a key ascending channel with support near $2,275 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a steady rise if there is a close above $2,320 and $2,350.
ethereum price sees more upside
ethereum price started a steady rise above the $2,180 resistance. eth gained bullish momentum after there was a close above the $2,200 resistance.
The price even surpassed the $2,300 level and settled above the 100 hourly simple moving average. A high was formed near $2,332 and the price is consolidating gains. There was a small bearish wave below the $2,300 level. However, ethereum is still above $2,240 and the 100 hourly simple moving average.
There is also a key ascending channel with support near $2,275 on the hourly chart of eth/USD. Channel support and the 100 hourly SMA are near the 23.6% Fibonacci retracement level of the upward move from the low of $1,980 to the high of $2,332.
<img decoding="async" class="alignnone size-full wp-image-565476" src="https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-8.png?resize=1024%2C461″ alt=”ethereum Price” width=”1024″ height=”461″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/ethereum-8.png?resize=1024%2C461?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $2,320 level. The next key resistance is near the $2,350 level. The main resistance is still near $2,400. A clear move above the $2,400 zone could send the price towards the $2,500 level. The next resistance is located at $2,520. Any further gains could start a wave towards the $2,580 level.
New drop in eth?
If ethereum fails to overcome the $2,320 resistance, it could start a new decline. Initial support on the downside is near the $2,275 level or the 100 hourly simple moving average and the channel trend line. The next key support is $2,165.
Major support is now near $2,120 or the 61.8% Fibonacci retracement level of the upward move from the low $1,980 to the high $2,332. A downside break below $2,120 could initiate another significant drop. In the given case, Ether could revisit the $2,000 support.
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: $2275
Main Resistance Level: $2,320
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