Ethereum price retested the $2,440 resistance zone. ETH is consolidating gains and might soon attempt a fresh increase toward the $2,600 level.
- Ethereum gained strength for a move above the $2,350 level.
- The price is trading above $2,350 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support near $2,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if there is a clear move above $2,430 and $2,440.
Ethereum Price Remains Supported
Ethereum price started a decent increase above the $2,300 level, like Bitcoin. ETH gained pace for a move above the $2,350 level to move into a positive zone.
The price even climbed above the $2,400 level. However, the bears appeared near the $2,440 resistance zone. A high was formed near $2,430 and the price is now correcting gains. There was a move below the $2,400 level. The price declined below the 23.6% Fib retracement level of the upward move from the $2,260 swing low to the $2,430 high.
However, Ethereum is still above $2,350 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,360 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $2,390 level. The first major resistance is now near $2,440. A close above the $2,440 resistance could send the price toward $2,500. The next key resistance is near $2,550. If there is a clear move above $2,550, there could be a drift toward $2,620. The next resistance sits at $2,650, above which Ethereum might rally and test the $2,800 zone.
More Downsides in ETH?
If Ethereum fails to clear the $2,440 resistance, it could continue to move down. Initial support on the downside is near the $2,360 level and the trend line.
The first key support could be the $2,350 zone or the 50% Fib retracement level of the upward move from the $2,260 swing low to the $2,430 high. A downside break and a close below $2,350 might start another steady decline. In the stated case, Ether could test the $2,265 support. Any more losses might send the price toward the $2,200 level.
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 level.
Major Support Level – $2,350
Major Resistance Level – $2,440
