Ethereum price retested the USD 2,440 resistance zone. ETH is consolidating gains and could attempt another surge towards the $2,600 level soon.
- Ethereum gained strength for a move above the USD 2,350 level.
- The price is trading above $2,350 and the 100-hourly Simple Moving Average.
- A major bullish trendline is 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 USD 2,430 and USD 2,440.
Ethereum price remains supported
The price of Ethereum started a decent rise above the $2,300 level, just like Bitcoin. ETH gained pace to rise above the USD 2,350 level and move into a positive zone.
The price even climbed above the USD 2,400 level. However, the bears appeared near the $2,440 resistance zone. A high was formed near USD 2,430 and the price is now correcting gains. There was a move below the USD 2,400 level. The price fell 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 major bullish trendline 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 around the $2,390 level. The first major resistance is now near $2,440. A close above the USD 2,440 resistance could send the price towards USD 2,500. The next major resistance is near USD 2,550. If there is a clear move above USD 2,550, there could be a drift towards USD 2,620. The next resistance is at $2,650, above which Ethereum could rise and test the $2,800 zone.
More disadvantages to ETH?
If Ethereum fails to clear the USD 2,440 resistance, it could continue falling. The initial downside support is near the $2,360 level and the trendline.
The first major 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 could trigger another steady decline. In the said case, Ether could test the USD 2,265 support. Any further losses could send the price towards the USD 2,200 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $2,350
Major resistance level – $2,440
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