Ethereum price started a fresh upward move above the $2,420 resistance. ETH traded near $2,500 and is now consolidating gains.
- Ethereum started another surge from the $2,320 resistance.
- The price is trading above $2,400 and the 100 hourly simple moving average.
- There is a connecting bullish trend line forming with support at $2,385 on the hourly chart of ETH/USD (data feed from Kraken).
- The pair must overcome the resistance of $2,480 to continue rising in the near term.
Ethereum price rises by more than 8%
Ethereum price held steady well supported and extended its increase, surpassing BitcoinETH was able to overcome the $2,350 and $2,420 resistance levels.
There was a sharp move and the price gained almost 10%. It traded near the $2,500 resistance zone. A high was formed at $2,493 and the price is now consolidating gains. There was a minor dip below the $2,460 level. The price tested the 23.6% Fibonacci retracement level of the upward move from the low of $2,277 to the high of $2,493.
Ethereum price is now trading above the $2,440 level and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $2,385 on the hourly chart of ETH/USD. The trend line is close to the 50% Fibonacci retracement level of the upward move from the low of $2,277 to the high of $2,493.
On the upside, the price seems to be facing hurdles near the $2,480 level. The first major resistance is near the $2,500 level. The next key resistance is near $2,550.
A bullish break above the $2,550 resistance could lead to further gains. In the stated case, Ether could rally towards the $2,650 resistance zone in the near term. The next hurdle lies near the $2,750 or $2,800 level.
Are ETH dips limited?
If Ethereum fails to clear the $2,480 resistance, it could start a downside correction. The initial support on the downside lies near $2,440. The first major support lies near the $2,385 zone and the trend line zone.
A clear move below the $2,385 support could propel the price towards $2,320. Any further losses could send the price towards the $2,250 support level in the near term. The next key support lies at $2,200.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level: $2,385
Major Resistance Level: $2500
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