ethereum price is consolidating above the $2,250 zone. eth could start a decent rise if it breaks the $2,340 and $2,380 resistance levels.
- ethereum is struggling to gain pace to surpass the $2,350 zone.
- The price is trading above $2,300 and the 100 hourly simple moving average.
- A short-term ascending channel is forming with resistance near $2,350 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a new rise if it manages to break through the $2,350 resistance zone.
ethereum price foresees a new increase
ethereum price remained range-bound below the $2,350 resistance zone. eth traded lower below $2,320, but bulls were active near the $2,280 support zone.
A low was formed near $2,282 and the price is now attempting a new range-bound rise, like bitcoin. There was a move above the $2,300 resistance zone and the 100 hourly simple moving average. The price even surpassed the 61.8% Fibonacci retracement level of the recent decline from the high of $2,334 to the low of $2,282.
ethereum is now trading above $2,300 and the 100 hourly simple moving average. There is also a short-term ascending channel forming with resistance near $2,350 on the hourly chart of eth/USD.
On the upside, the first major resistance is near the $2,325 level or the 76.4% Fibonacci retracement level of the recent drop from the high of $2,334 to the low of $2,282. The next major resistance is near $2,350, above which the price could rise and test the resistance of $2,380.
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Fountain: ETHUSD on TradingView.com
If the bulls push the price above the $2,380 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 $2,500 level.
Another drop in eth?
If ethereum fails to overcome the $2,350 resistance, it could start another decline. Initial support on the downside is near the $2,280 level and the channel trend line.
The next key support could be the $2240 area. A clear move below the $2,240 support could send the price towards $2,180. The main support could be $2,120. Any further losses could send the price towards the $2,040 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $2240
Main Resistance Level: $2,350
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