Ethereum price started a major increase above the $2,150 zone. ETH is now showing positive signs and might aim for more gains above $2,250.
- Ethereum started a steady upward move above the $2,150 zone.
- The price is trading above $2,150 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2,100 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,250 zone.
Ethereum Price Rallies Over 8%
Ethereum price extended its recovery wave after it cleared the $2,050 zone, like Bitcoin. ETH price was able to clear the $2,120 resistance zone.
The bulls pushed the price above the 76.4% Fib retracement level of the downward move from the $2,209 swing high to the $2,062 low. Besides, there is a key bullish trend line forming with support at $2,100 on the hourly chart of ETH/USD.
Finally, the price cleared the $2,200 resistance zone. It tested the 1.236 Fib extension level of the downward move from the $2,209 swing high to the $2,062 low at $2,245.
Ethereum price is now trading above $2,180 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,150, the price could attempt another increase. Immediate resistance is seen near the $2,245 level. The first key resistance is near the $2,250 level.
The next major resistance is near the $2,280 level. A clear move above the $2,280 resistance might send the price toward the $2,320 resistance. An upside break above the $2,320 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,365 resistance zone or even $2,380 in the near term.
Downside Correction In ETH?
If Ethereum fails to clear the $2,250 resistance, it could start a fresh decline. Initial support on the downside is near the $2,200 level. The first major support sits near the $2,180 zone.
A clear move below the $2,180 support might push the price toward the $2,150 support. Any more losses might send the price toward the $2,100 region. The main support could be $2,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,150
Major Resistance Level – $2,250
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