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Ethereum price started a new upward move above the USD 2,335 resistance. ETH is now aiming for more gains above the USD 2,420 resistance.
- Ethereum started to rise again from the USD 2,280 resistance.
- The price is trading above USD 2,350 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,310 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to overcome the resistance at $2,420 to continue higher in the near term.
Ethereum price aims higher
The Ethereum price formed a base near $2,280 and, like Bitcoin, started a new rise. ETH was able to break the USD 2,320 and USD 2,350 resistance levels.
BTC gained more than 5%, but ETH struggled to match the strength. It cleared the 76.4% Fib retracement level of the downward wave from the $2,392 swing high to the $2,277 low. It even traded above the high of $2,392 and is now showing positive signs.
Ethereum price is now trading above $2,350 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $2,310 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 2,420 level. It is close to the 1,236 Fib extension level of the downward wave from the $2,392 swing high to the $2,277 low. The first major resistance is around the $2,450 level. The next major resistance is near USD 2,550.
An upside break above the USD 2,550 resistance could call for more gains. In the mentioned case, Ether could rise towards the USD 2,650 resistance zone in the short term. The next hurdle is near the USD 2,720 or USD 2,750 level.
Are dips supported in ETH?
If Ethereum fails to clear the USD 2,420 resistance, it could trigger another decline in the near term. The initial downside support is near $2,365. The first major support is near the $2,310 zone and the trendline zone.
A clear move below the USD 2,310 support could push the price towards USD 2,280. Any further losses could send the price towards the USD 2,220 support level in the near term. The next major support is at USD 2,150.
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 zone.
Major support level – $2,310
Major resistance level – $2,420
