Ethereum price is trying to make a fresh rise above the USD 2,280 resistance. ETH could gain bullish momentum if there is a clear move above $2,350.
- Ethereum is slowly moving higher from the USD 2,240 support zone.
- The price is trading above USD 2,280 and the 100-hourly Simple Moving Average.
- An ascending channel is forming with resistance near $2,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it manages to break the $2,350 resistance zone.
Ethereum price stalled below $2,400
Ethereum price correction gains and trades below the $2,300 level. However, ETH bulls were active near the USD 2,240 support zone. A low was formed near $2,241 and the price started an upward move just like Bitcoin.
The price is still moving in a wide range below the $2,400 pivot zone. There was a small increase above the USD 2,280 and USD 2,300 resistance levels. The price even tested the 50% Fib retracement level of the downward move from the $2,390 swing high to the $2,241 low.
Ethereum is now trading above $2,280 and the 100-hourly Simple Moving Average. An ascending channel is also forming with resistance around $2,320 on the hourly chart of ETH/USD.
On the upside, the first major resistance is around the $2,315 level. The next major resistance is near $2,320 or the trendline. The next major resistance could be $2,350 or the 76.4% Fib retracement level of the downward move from the $2,390 swing high to the $2,241 low, above which the price could rise and test the $2,400 resistance.
Source: ETHUSD on TradingView.com
If the bulls push the price above the USD 2,400 resistance, they could target USD 2,480. A clear move above the USD 2,480 level could see the price rise further. In the mentioned case, the price could rise towards the USD 2,550 level.
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 $2,290 level or the 100-hourly SMA.
The next major support could be the $2,240 zone. A clear move below the USD 2,240 support could send the price towards USD 2,200. The main support could be at USD 2,120. Any further losses could send the price towards the USD 2,080 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 – $2,240
Major resistance level – $2,350
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