Ethereum price is trying to create a new wave of growth above $2,300. ETH may gain bullish momentum if it breaks the $2,400 resistance zone.
- Ethereum is trying to rise above the $2300 level.
- The price is trading above $2330 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed from Kraken) shows a connecting bullish trend line forming with support at $2,335.
- To continue growing in the near term, the pair needs to overcome the resistance at $2400.
Ethereum Price Expected to Rise Further
Ethereum price started a recovery wave above the $2300 level. ETH was able to overcome the $2320 resistance zone and move into the positive zone, as did Bitcoin. However, the bears were active near the $2400 resistance.
The high was formed at $2398 and the price is now consolidating the gains. There was a slight dip below $2360. The price dropped below the 23.6% Fibonacci retracement of the upward move from the swing low of $2242 to the high of $2398.
Ethereum price is currently trading above $2,300 and the 100-hour simple moving average. There is also a connecting bullish trend line forming with support at $2,335 on the hourly ETH/USD chart.
On the downside, the price seems to be facing hurdles around the $2,380 level. The first major resistance is around the $2,400 level. A close above $2,400 could send Ether towards the $2,465 resistance. The next key resistance is around $2,500. A break above the $2,500 resistance could prompt further gains towards the $2,550 resistance zone in the near term.
Another ETH Drop?
If Ethereum fails to break the $2,400 resistance, it could start a new decline. Initial support on the downside is around $2,335 and the trend line. The first major support is around the $2,300 zone or the 61.8% Fibonacci retracement level of the uptrend from the $2,242 swing low to $2,398 high.
A clear move below the $2,300 support could push the price towards $2,240. Any further losses could push the price towards the $2,150 support level in the near future. The next key support is at $2,050.
Technical indicators
Hourly MACD – MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
The main support level is 2240 US dollars
The main resistance level is $2400.
