Ethereum price started a fresh increase above the $2,480 zone. ETH is now consolidating gains and might soon aim for a move above the $2,520 resistance.
Ethereum started a fresh upward move above the $2,450 level.
The price is trading above $2,450 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2,440 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it remains stable above the $2,420 zone in the near term.
Ethereum Price Eyes More Gains
Ethereum price started a fresh increase above the $2,420 support level, like Bitcoin. ETH price was able to clear the $2,450 and $2,480 resistance levels to move into a positive zone.
The bulls even pushed the price above the $2,500 zone. However, the bulls were active above the $2,500 level. A high was formed at $2,523 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2,394 swing low to the $2,523 high.
Ethereum price is now trading above $2,450 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,440 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $2,520 level. The next key resistance is near the $2,550 level. The first major resistance is near the $2,580 level. A clear move above the $2,580 resistance might send the price toward the $2,650 resistance.
An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,720 resistance zone or even $2,800 in the near term.
Downside Correction In ETH?
If Ethereum fails to clear the $2,520 resistance, it could start a fresh decline. Initial support on the downside is near the $2,480 level. The first major support sits near the $2,460 zone or the 50% Fib retracement level of the upward move from the $2,394 swing low to the $2,523 high.
A clear move below the $2,460 support might push the price toward the $2,440 support. Any more losses might send the price toward the $2,400 support level in the near term. The next key support sits at $2,350.
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 zone.
Major Support Level – $2,440
Major Resistance Level – $2,520
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
