Ethereum price continued its rally above the USD 2,250 resistance. ETH is up over 10% and could continue rising towards the $2,500 resistance.
- Ethereum is showing positive signs and recently surpassed the USD 2,300 resistance.
- The price is trading above $2,250 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support near $2,250 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue its rally if it breaks the $2,320 resistance zone.
Ethereum Price Extends Rally
Ethereum price remained in a positive zone above $2,120, just like Bitcoin. ETH extended its rally above the USD 2,200 and USD 2,250 resistance levels. The bulls continued to act and the price spiked above $2,300.
A new multi-month high was formed near $2,316 and the price is now correcting gains. There was a move below the USD 2,300 level. The price is now testing the 23.6% Fib retracement level of the upward move from the $2,188 swing low to the $2,316 high.
Ethereum is now trading above $2,250 and the 100-hourly Simple Moving Average. Additionally, a major bullish trendline is forming with support around $2,250 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $2,320 zone. The next major resistance is near the $2,350 level. A clear move above the USD 2,350 zone could send the price towards the USD 2,420 level. The next resistance is at $2,450. Any further gains could trigger a wave towards the USD 2,500 level.
Are dips supported in ETH?
If Ethereum fails to clear the USD 2,320 resistance, it could initiate a downward correction. The initial downside support is near the $2,265 level.
The next major support is USD 2,250 and the trendline. It is close to the 50% Fib retracement level of the upward move from the $2,188 swing low to the $2,316 high. The main support is now near $2,200, or the 100-hour Simple Moving Average. A downward break below $2,200 could trigger a prolonged decline. The key support is now at $2,120, below which there is a risk of a move towards the $2,080 level in the near term.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,200
Major resistance level – $2,320
