Ethereum remained well-bid, climbing above the USD 2,400 level against the US dollar. The ETH price is showing positive signs and may soon move above USD 2,500.
- Ethereum gained pace and cleared the USD 2,350 resistance zone.
- The price is now trading well above USD 2,350 and the 100 simple hourly moving average.
- There was a break above a major downward channel with resistance at USD 2,300 on the ETH / USD hourly chart (data feed via Kraken).
- The pair is showing positive signs and is likely to remain above USD 2,450.
Ethereum price remains in the upward trend
Ethereum found support near the USD 2,240 level and recently started a fresh rise. ETH broke a few key hurdles near USD 2,300 to move into a bullish zone.
There was also a break above a major downward channel with resistance near USD 2,300 on the ETH / USD hourly chart. The bulls strengthened and they were able to pump the price above the USD 2,350 level. The price is now trading well above USD 2,350 and the 100-hour simple moving average.
There was also a break above the USD 2,400 level and the price traded as high as USD 2,469. It is now correcting below USD 2,440. There was a break below the 23.6% Fib retracement level from the recent rise from the low of $ 2,238 to the high of $ 2,469.
Source: ETHUSD on TradingView.com
Ether is now finding bids near the USD 2,350 level. It is close to the 50% Fib retracement level of the recent rise from the low of $ 2,238 to the high of $ 2,469. The current price action is positive and it looks like the price could climb above USD 2,440 and USD 2,450 again.
The next key resistance is near the USD 2,500 level, above which the ether price is likely to hit a new high in the coming days.
Downsides limited in ETH?
If Ethereum didn’t clear the USD 2,450 and USD 2,500 resistance levels, it could correct lower. An initial support on the downside is near the USD 2,380 level.
Initial support is now forming near the USD 2,350 level. If ether does not stay above the USD 2,350 support, it could test the simple 100-hour moving average. Even more losses may require a test of the USD 2,250 support.
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 2,350
Major Resistance Level – USD 2,450