Ethereum’s price has started to move upwards again above the resistance of $2,335. ETH now aims for further upsides over the $2,420 barrier.
- Ethereum has started another rise from its $2,280 resistence.
- The 100-hour Simple Moving average and price are both above $2350.
- On the chart hourly of ETH/USD, there is a strong bullish trendline with support around $2310 (data via Kraken).
- If the pair is to move higher, it must break through the resistance of $2.420.
Ethereum Price Sets for Higher
The price of Ethereum formed a new base around $2,280. Bitcoin. ETH has been able to break through the resistance levels of $2,320 and 2,350.
BTC gained over 5% while ETH failed to compete. The 76.4% Fib level was cleared of the down wave between the swing high $2,392 and the low $2,277. The price even moved above the high of $2,392 and now shows positive signals.
Ethereum is currently trading at $2,350. 100-hourly Simple Moving Average. The hourly chart for ETH/USD shows a bullish key trend line with support of $2,310.
Price seems to face obstacles near the level of $2,420. The price is near the Fib extension of 1.236 for the down wave between the swing high $2,392 and the low $2,277. First major resistance near $2450. Near $2,550 is the next major resistance.
If Ether breaks above $2.550, it could see further gains. Ether may rise in the short term towards the $2.650 resistance zone. The next obstacle is located near the $2.720 or $2.750 level.
Are Dips Supported In ETH?
Ethereum may start a decline soon if it does not clear $2,420. Initial support to the downside can be found near $2.365. Near the trend line and $2,310 area is where the first significant support lies.
Any further losses could push the price to $2,280. In the near future, any more losses may push the price to the $2.220 support. Next, the key support level is $2150.
Indicators of Technical Efficiency
Hourly MACD – The MACD of ETH/USD has gained momentum and is now in the positive zone.
Hourly RSI – The RSI value for ETH/USD now exceeds the 50-zone.
Major Support Level – $2,310
Major Resistance Level – $2,420
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Source: www.newsbtc.com
