Ethereum extended its rally to a new all-time high near $2,450 against the US Dollar. ETH price is now consolidating gains, with high chances of more gains above the $2,450 level.
- Ethereum traded above $2,400 and topped near the $2,450 level.
- The price is now trading well above $2,400 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $2,370 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher towards the $2,480 and $2,500 levels in the near term.
Ethereum Price Is Holding Gains
Ethereum remains in a positive zone above the $2,300 level. ETH extended its rally above the $2,400 level, outperforming bitcoin in the short-term.
It traded to a new all-time high near the $2,450 level and settled well above the 100 hourly simple moving average. It is now correcting gains and trading just below $2,420. There was a test of the 23.6% Fib retracement level of the upward move from the $2,293 swing low to $2,450 high.
Source: ETHUSD on TradingView.com
On the downside, there is a key support forming near the $2,400 level. The next major support is near the $2,375 level. There is also a major bullish trend line forming with support near $2,370 on the hourly chart of ETH/USD.
The trend line is close to the 50% Fib retracement level of the upward move from the $2,293 swing low to $2,450 high. On the upside, the $2,450 level is a major resistance zone. A successful close above the $2,450 level is likely to set the pace for a move towards the $2,500 level.
Dips Supported in ETH?
If Ethereum fails to clear the $2,450 resistance, it could correct lower. The first major support is now forming near the $2,400 level.
The main support is now near the $2,3750 level and the trend line zone. If ether fails to stay above the $2,375 support zone, it could continue to move down towards the $2,330 support zone. If the bulls fail to clear protect the $2,330 support could open the doors for a move towards the $2,320 support.
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 60 level.
Major Support Level – $2,375
Major Resistance Level – $2,450
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Author: Aayush Jindal