- Ethereum price is gaining pace and trading above the $2,300 support zone. Is $2,550 possible?
- Are the Ethereum bull taking over?
Ethereum price extended its decline below the $2,250 level. ETH even spiked below the $2,200 level to $2,192 before the bulls appeared. Now, the price has started a strong increase, outperforming Bitcoin.
There was a move above the $2,250 and $2,280 resistance levels. The bulls even pumped the price above the $2,350 resistance.
A new multi-day high is formed near $2,441 and the price is now consolidating gains. The price is now trading above the 23.6% Fib retracement level of the upward move from the $2,180 swing low to the $2,289 high at press time.
Ethereum is now trading above $2,350 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,440 level.
The first major resistance is now near $2,500. A close above the $2,500 resistance could send the price toward $2,500.
The next key resistance is near $2,620. A clear move above the $2,620 zone could start another increase. The next resistance sits at $2,700, above which Ethereum might rally and test the $2,800 zone.
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Downside Correction In ETH?
If Ethereum fails to clear the $2,440 resistance, it could start a fresh decline. Initial support on the downside is near the $2,380 level and the trend line.
The first key support could be the $2,320 zone or the 50% Fib retracement level of the upward move from the $2,180 swing low to the $2,441 high.
A downside break and a close below $2,320 might spark more bearish moves. In the stated case, Ether could revisit the $2,200 support. Any more losses might send the price toward the $2,120 level.
Technical Indicators
- Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is now above the 50 level.
- Major Support Level – $2,320
- Major Resistance Level – $2,440
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