ethereum price jumped above the $2,280 resistance zone. eth could gain bullish momentum if it breaks the $2,330 resistance zone.
- ethereum started a decent rise above the $2,250 resistance zone.
- The price is trading above $2,280 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance near $2,260 on the hourly chart of eth/USD (data via Kraken).
- The pair might find it difficult to break above the $2,325 resistance zone and might correct lower.
ethereum price reviews resistance
ethereum price started a decent rise above the $2250 resistance zone. eth broke through the $2280 resistance zone like bitcoin to start a steady recovery wave.
The bulls even pushed the price above the $2,300 resistance. There was a break above a connecting bearish trend line with resistance near $2,260 on the hourly chart of eth/USD. A new weekly high was formed near $2,327 and the price is now consolidating gains.
It is now trading above the 23.6% Fibonacci retracement level of the upward move from the low $2,234 to the high $2,327. ethereum is also trading above $2,280 and the 100 hourly simple moving average.
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Fountain: ETHUSD on TradingView.com
On the upside, the first major resistance is near the $2,330 level. The next major resistance is near $2,350, above which the price could rise and test the resistance of $2,420. If the bulls push the price above the $2,420 resistance, they could target $2,450. A clear move above the $2,450 level could start a decent rise. In the indicated case, the price could rise towards the $2,550 level.
Another bearish wave on eth?
If ethereum fails to overcome the $2,330 resistance, it could start another decline. Initial support on the downside is near the $2,300 level.
The next key support could be the $2,280 zone or the 50% Fibonacci retracement level of the upward move from the low of $2,234 to the high of $2,327. A daily close below the $2,280 support could start another major decline. In the given case, Ether could test 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 losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $2280
Main Resistance Level: $2,330
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