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Ethereum Price Rockets 8%, Can Bulls Smash Through $2,400?

Source Newsbtc

Ethereum price started a fresh surge and traded above $2,350. ETH is now consolidating and might aim for more gains above $2,400.

Ethereum started a steady increase from the $2,180 zone.
The price is trading above $2,350 and the 100-hourly Simple Moving Average.
There was a break above a bearish trend line with resistance at $2,200 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it stays above the $2,320 zone.

Ethereum Price Surges To $2,400

Ethereum price managed to stay above the $2,180 support and started a fresh increase, like Bitcoin. ETH price gained pace for a move above $2,200 and $2,250.

There was a break above a bearish trend line with resistance at $2,200 on the hourly chart of ETH/USD. The bulls pumped the price above the $2,350 resistance. A high was formed at $2,395, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2,179 swing low to the $2,395 high.

Ethereum price is now trading above $2,350 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,320, the price could attempt another increase.

Immediate resistance is seen near the $2,380 level. The first key resistance is near the $2,400 level. The next major resistance is near the $2,440 level. A clear move above the $2,440 resistance might send the price toward the $2,500 resistance. An upside break above the $2,500 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,620 in the near term.

Downside Correction In ETH?

If Ethereum fails to clear the $2,400 resistance, it could start a downside correction. Initial support on the downside is near the $2,345 level. The first major support sits near the $2,320 zone.

A clear move below the $2,320 support might push the price toward the $2,260 support and the 61.8% Fib retracement level of the upward move from the $2,179 swing low to the $2,395 high. Any more losses might send the price toward the $2,230 region. The main support could be $2,180.

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 – $2,260

Major Resistance Level – $2,400

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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