Ethereum price managed to stay above USD 2,170 and recoup losses. ETH is consolidating and still faces many hurdles near USD 2,350 and USD 2,400.
- Ethereum is attempting a fresh rise above the USD 2,300 resistance level.
- The price is trading above $2,250 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance near $2,245 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if a close above the $2,350 level occurs.
Ethereum price regains strength
Ethereum price extended its decline below the USD 2,200 level. However, ETH remained stable around the USD 2,180 and USD 2,170 levels. A low was formed around $2,170 and the price started to rise again, just like Bitcoin.
There was a decent increase above the USD 2,240 level. There was also a break above a connecting bearish trendline with resistance around $2,245 on the hourly chart of ETH/USD. The pair climbed above the resistance at $2,320, but bears were active around $2,350.
A high was formed near USD 2,358 and the price is now correcting gains. There was a small decline below the USD 2,320 level. The price moved below the 23.6% Fib retracement level of the upward move from the $2,170 swing low to the $2,358 high.
ETH is now trading above $2,250 and the 100-hour Simple Moving Average. If there is a new increase, the price may encounter resistance near the USD 2,350 level. The next major resistance is now near USD 2,400.
Source: ETHUSD on TradingView.com
The main uptrend hurdle is at $2,450. A close above the $2,450 resistance could trigger significant upside. The next major resistance is near USD 2,540. If the bulls push Ethereum above $2,540, a rally towards $2,720 could take place. Any further gains could send the price towards the $2,800 zone.
Another drop in ETH?
If Ethereum fails to clear the USD 2,350 resistance, it could trigger another decline. The initial downside support is near the $2,280 level.
The first major support could be the $2,260 zone or the 50% Fib retracement level of the upward move from the $2,170 swing low to the $2,358 high. A downside break and a close below $2,260 could push the price further. In the said case, Ether could test the USD 2,170 support. Any further losses could send the price towards the USD 2,050 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $2,260
Major resistance level – $2,350
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