Ethereum remained well bid and it climbed above the $2,400 level against the US Dollar. ETH price is showing positive signs and it might soon surge above USD 2,500.
- Ethereum gained pace and it cleared the $2,350 resistance zone.
- The price is now trading well above $2,350 and the 100 hourly simple moving average.
- There was a break above a key declining channel with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is showing positive signs and it is likely to continue higher above $2,450.
Ethereum Price Remains In Uptrend
Ethereum found support near the $2,240 level and recently started a fresh increase. ETH broke a few important hurdles near $2,300 to move into a bullish zone.
There was also a break above a key declining channel with resistance near $2,300 on the hourly chart of ETH/USD. The bulls gained strength and they were able to pump the price above the $2,350 level. The price is now trading well above $2,350 and the 100 hourly simple moving average.
There was also a break above the $2,400 level and the price traded as high as $2,469. It is now correcting lower below $2,440. There was a break below the 23.6% Fib retracement level of the recent increase from the $2,238 low to $2,469 high.
Source: ETHUSD on TradingView.com
Ether is now finding bids near the $2,350 level. It is close to the 50% Fib retracement level of the recent increase from the $2,238 low to $2,469 high. The current price action is positive and it seems like the price might surge again above $2,440 and $2,450.
The next key resistance is near the $2,500 level, above which ether price is likely to set a new all-time high in the coming days.
Downsides Limited in ETH?
If Ethereum fails to clear the $2,450 and $2,500 resistance levels, it could correct lower. An initial support on the downside is near the $2,380 level.
The first support is now forming near the $2,350 level. If ether fails to stay above the $2,350 support, it could test the 100 hourly simple moving average. Any more losses might call for a test of the $2,250 support.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $2,350
Major Resistance Level – $2,450
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Author: Aayush Jindal