ethereum price extended its rise above the $2,320 resistance zone. eth is correcting gains, but the 100 hourly SMA could provide support and start a new rise.
- ethereum started an extended recovery wave above the $2,320 resistance zone.
- The price is trading above $2,300 and the 100 hourly simple moving average.
- There was a break below a key uptrend lien with support at $2,325 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a new rise if it manages to stay above the $2,300 level.
ethereum Price Holds Support
ethereum price remained in a positive zone above the $2,250 resistance zone. eth broke through the $2,320 resistance to move further into a positive zone, outperforming bitcoin.
The price traded near the $2,400 level. A high was formed near $2,390 and the price is now correcting the gains. There was a move below the $2,350 level. The price broke the 50% Fibonacci retracement level of the upward move from the low of $2,235 to the high of $2,390.
Additionally, there was a break below a key uptrend lien with support at $2,325 on the hourly chart of eth/USD. However, ethereum is still above $2,300 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 $2,325 level. The next major resistance is near $2,350, above which the price could rise and test the $2,400 resistance. If the bulls push the price above the $2,400 resistance, they could target $2,450. A clear move above the $2,450 level could push the price up further. In the indicated case, the price could rise towards the $2,550 level.
More losses on eth?
If ethereum fails to overcome the $2,325 resistance, it could continue down. Initial support on the downside is near the $2,300 level and the 100 hourly SMA.
The next key support could be the $2,295 zone or the 61.8% Fibonacci retracement level of the upward move from the low of $2,235 to the high of $2,390. A daily close below the $2,295 support could start another steady 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 gaining momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2,300
Main Resistance Level: $2,325
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