ethereum price is gaining pace above the $2,320 resistance zone. eth is up over 5% and it looks like eth is finally outperforming bitcoin.
- ethereum is gaining pace and trading above the $2,300 support zone.
- The price is trading above $2,350 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support at $2,380 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could extend its rally towards the $2,500 and $2,550 resistance levels.
ethereum price begins a new rally
ethereum price extended its decline below the $2250 level. eth even spiked below the $2200 level before the bulls emerged. A low formed near $2,180 and the price began a sharp rise, overtaking bitcoin.
There was a move above the $2,250 and $2,280 resistance levels. The bulls even lifted the price above the $2,350 resistance. A new multi-day high forms near $2,441 and the price is now consolidating gains. The price is now trading above the 23.6% Fibonacci retracement level of the upward move from the low of $2,180 to the high of $2,441.
ethereum is now trading above $2,350 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $2,440 level.
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Fountain: ETHUSD on TradingView.com
The first major resistance is now near $2,500. A close above the $2,500 resistance could send the price towards $2,500. The next key resistance is near $2,620. A clear move above the $2,620 zone could start another rise. The next resistance lies at $2,700, above which ethereum could rally and test the $2,800 zone.
Downward correction in eth?
If ethereum fails to overcome the $2,440 resistance, it could start a new decline. Initial support on the downside is near the $2,380 level and the trend line.
The first key support could be the $2,320 zone or the 50% Fibonacci retracement level of the upward move from the low of $2,180 to the high of $2,441. A break down and close below $2,320 could trigger further bearish moves. In the given case, Ether could revisit the $2,200 support. Any further losses could send the price towards the $2,120 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $2,320
Main Resistance Level: $2,440
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