ethereum price is still struggling to overcome the $2,265 resistance while bitcoin extended its gains. eth could rally if there is a close above $2,265 and then $2,320.
- ethereum is still struggling to gain pace to break above the $2,265 resistance zone.
- The price is trading above $2,220 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $2,180 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a strong rise if there is a close above $2,265 and $2,320.
ethereum price points higher
ethereum price managed to hold above the $2200 support zone. The bulls protected a major downside breakout and pushed the price above the $2220 level.
There was a push above the $2250 level but the bears are still active near the $2265 resistance zone. A high was formed near $2264 and the price is now consolidating gains near the Fibonacci retracement level of the 23.6% of the recent rise from the low of $2,155 to the high of $2,264.
ethereum is now trading above $2,220 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $2,180 on the hourly chart of eth/USD.
On the upside, the price is facing resistance near the $2,265 level. A close above the $2,265 barrier could start a decent rise. The next key resistance is near the $2,320 level. A clear move above the $2,320 zone could send the price towards the $2,400 level.
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Fountain: ETHUSD on TradingView.com
The next resistance is located at $2,420. Any further gains could start a wave towards the $2,500 level, above which ethereum could rally and test the $2,550 zone.
Another rejection in eth?
If ethereum fails to overcome the $2,265 resistance, it could start another decline. Initial support on the downside is near the $2,220 level and the 100 hourly SMA.
The first key support could be the $2,180 area and the trend line. A break down and close below $2,180 could push the price down further. In the given case, Ether could revisit the $2,120 support. Any further losses could send the price towards the $2,000 level in the coming sessions.
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: $2,180
Main Resistance Level: $2265
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