Ethereum price began a new rise above the $2,420 resistance. ETH was trading around $2,500 and is now consolidating gains.
- Ethereum began another rise from the resistance at $2,320.
- The price is trading above $2,400 and the 100-hour simple moving average.
- The hourly chart of ETH/USD is forming a bullish connector line with support at $2,385 (feed via Kraken).
- The pair must break through the $2,480 resistance to continue rising in the near future.
Ethereum price increased by more than 8%
Ethereum price remained well supported and continued to rise, outperforming Bitcoin. ETH was able to overcome the resistance levels of $2350 and $2420.
There was a sharp move and the price rose almost 10%. It was trading near the $2,500 resistance zone. The maximum was formed at $2493, and now the price is consolidating growth. There was a slight decline below $2,460. The price tested the 23.6% Fibonacci retracement level in an upward move from a swing low of $2,277 to a swing high of $2,493.
Ethereum price is currently trading above $2,440 and the 100-hour simple moving average. A bullish trend connecting line is also forming with support at $2,385 on the hourly ETH/USD chart. The trendline is close to the 50% Fibonacci retracement level of the upward move from the $2,277 swing low to $2,493 swing high.
On the downside, the price seems to be facing headwinds near the $2,480 level. The first major resistance is near the $2,500 level. The next key resistance is around $2550.
A break above the $2,550 resistance may require further gains. In the said case, Ether may rise to the $2,650 resistance zone in the near future. The next hurdle is at $2,750 or $2,800.
Are failures limited in ETH?
If Ethereum fails to break through the $2,480 resistance, it could begin a downward correction. Initial downside support is around $2,440. The first major support is near the $2385 zone and the trendline zone.
A clear move below the $2,385 support could push the price towards $2,320. Any further losses could push the price towards the $2,250 support level in the near future. The next key support is at $2200.
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.
The main support level is $2385.
The main resistance level is $2,500.
