Ethereum price is rapidly gaining above the USD 2,200 resistance. ETH is up over 8% and could continue to rise towards the $2,500 resistance in the coming days.
- Ethereum is gaining speed and recently surpassed the USD 2,250 resistance.
- The price is trading above $2,200 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support near $2,225 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue its rally if it breaks the $2,275 resistance zone.
Ethereum price follows Bitcoin
Ethereum’s price started a strong rise above $2,000, just like Bitcoin. ETH has overcome many hurdles near USD 2,120 to enter a positive zone. The price even rose above the USD 2,200 level to set the stage for a bigger increase.
A new multi-month high was formed near USD 2,275 and the price is now consolidating gains. There was a small move below the 23.6% Fib retracement level of the upward move from the $2,148 swing low to the $2,275 high. However, Ethereum is still trading above $2,200 and the 100-hourly Simple Moving Average.
There is also a major bullish trendline forming with support near $2,225 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $2,250 zone.
Source: ETHUSD on TradingView.com
The next major resistance is near the $2,275 level. A clear move above the USD 2,275 zone could send the price towards the USD 2,320 level. The next resistance is at $2,350. Any further gains could trigger a wave towards the USD 2,500 level.
Are dips restricted in ETH?
If Ethereum fails to clear the USD 2,250 resistance, it could initiate a downward correction. The initial downside support is near the $2,220 level and the trendline.
The next major support is $2,175 or the 76.4% Fib retracement level of the upward move from the $2,148 swing low to the $2,275 high. The key support is now near $2,150, or the 100-hour Simple Moving Average. A downward break below $2,150 could trigger a steady decline. The key support is now at $2,080, below which there is a risk of a move towards the $2,020 level in the near term.
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 – $2,175
Major resistance level – $2,250
