Ethereum remained strong above the USD 2,200 level and climbed higher against the US dollar. The ETH price is back above the SMA of 100 per hour, signaling more benefits above USD 2,400.
- Ethereum gained pace and cleared the USD 2,300 resistance zone.
- The price is now trading well above USD 2,300 and the 100 simple hourly moving average.
- There was a break above a crucial bearish trendline with resistance near USD 2,175 on the ETH / USD hourly chart (data feed via Kraken).
- The pair is showing positive signs and is likely to remain above USD 2,400.
Ethereum price is gaining pace
Ethereum continued to bid well above the USD 2,100 zone. As a result, ETH started a fresh rise above the USD 2,180 and USD 2,200 resistance levels.
There was a clear break above a crucial bearish trend line with resistance near USD 2,175 on the ETH / USD hourly chart. It opened the doors for a steady rise above the USD 2,250 and USD 2,300 resistance levels.
Ether climbed above the 61.8% Fib retracement level from the key drop from the $ 2,500 swing high to the $ 1,950 swing low. It is now trading well above USD 2,300 and the 100 simple hourly moving average. An immediate resistance is near the USD 2,350 level.
Source: ETHUSD on TradingView.com
The first major resistance is near the USD 2,370 level. It is close to the 76.4% Fib retracement level of the key drop from the $ 2,500 swing high to the $ 1,950 swing low. A clear upward break above the USD 2,350 and USD 2,370 levels could set the pace for a rise above the USD 2,400 level. In the case mentioned, the ether price can easily revisit the $ 2,500 zone.
Downsides limited in ETH?
If Ethereum didn’t clear the USD 2,350 and USD 2,370 resistance levels, it could correct lower. An initial support on the downside is near the USD 2,300 zone.
The first support is now forming near the USD 2,250 level and the 100 easy hourly moving average. If ether doesn’t stay above the simple 100 hourly moving average, there is a risk of more downside below the USD 2,200 support. The next big support below USD 2,200 is near the USD 2,150 pivot point.
MACD per hour – The MACD for ETH / USD is now gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH / USD is now well above the 50 level.
Major Support Level – USD 2,250
Major Resistance Level – USD 2,350