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Ethereum price started a fresh increase from the $2,300 support zone. ETH is rising and might aim for a move above the $2,550 resistance.
- Ethereum started a decent increase above the $2,350 and $2,420 levels.
- The price is trading above $2,420 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2,435 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,525 and $2,550 resistance levels to continue higher in the near term.
Ethereum Price Aims Higher
Ethereum price remained stable above the $2,300 level and started a fresh increase. ETH was able to clear the $2,350 resistance to move into a positive zone like Bitcoin.
The price was able to climb above the $2,400 resistance zone. There was a move above the 50% Fib retracement level of the downward wave from the $2,656 swing high to the $2,310 low. Finally, the bulls pushed the price above the $2,500 resistance.
Ethereum price is now trading above $2,450 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,435 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,525 level. It is close to the 61.8% Fib retracement level of the downward wave from the $2,656 swing high to the $2,310 low. A clear move above the $2,525 resistance might send the price toward the $2,550 resistance.
An upside break above the $2,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,650 resistance zone in the near term. The next hurdle sits near the $2,720 level or $2,740.
Another Decline In ETH?
If Ethereum fails to clear the $2,525 resistance, it could start another decline. Initial support on the downside is near the $2,450 level. The first major support sits near the $2,420 zone and the trend line.
A clear move below the $2,420 support might push the price toward $2,350. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,250.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,420
Major Resistance Level – $2,525
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