Ethereum price is consolidating above $2,250. ETH could start a new rise if there is a clear move above the USD 2,320 resistance zone.
- Ethereum started a new increase above the USD 2,200 and USD 2,220 levels.
- The price is trading above USD 2,240 and the 100-hourly Simple Moving Average.
- There is a major ascending channel with support near $2,275 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a steady rise if there is a close above $2,320 and $2,350.
Ethereum price has more upsides
Ethereum price started rising steadily above the USD 2,180 resistance. ETH gained bullish momentum after a close above the $2,200 resistance.
The price even spiked above the $2,300 level and crossed above the 100-hourly Simple Moving Average. It made a high near USD 2,332 and the price is consolidating gains. There was a small bearish wave below the USD 2,300 level. However, Ethereum is still above $2,240 and the 100-hourly Simple Moving Average.
There is also a key ascending channel with support near $2,275 on the hourly chart of ETH/USD. The channel support and the 100 hourly SMA are close to the 23.6% Fib retracement level of the upward move from the $1,980 swing low to the $2,332 high.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance around the $2,320 level. The next major resistance is near the $2,350 level. The main resistance is still around $2,400. A clear move above the $2,400 zone could send the price towards the $2,500 level. The next resistance is at $2,520. Any further gains could trigger a wave towards the $2,580 level.
New drop in ETH?
If Ethereum fails to clear the USD 2,320 resistance, it could trigger another decline. The initial downside support is near the $2,275 level or the 100-hour Simple Moving Average and the channel trendline. The next major support is at USD 2,165.
The key support now lies near $2,120 or the 61.8% Fib retracement level of the upward move from the $1,980 swing low to the $2,332 high. A downward break below $2,120 could trigger another big decline. In the said case, Ether could revisit the $2,000 support.
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 – $2,275
Major resistance level – $2,320
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