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The Ethereum price has initiated a new upward trajectory, breaking past the $2,335 resistance mark. ETH now aims to surpass the $2,420 resistance level, with traders closely monitoring its movements.
- Ethereum began another uptrend from the $2,280 resistance level.
- The price is currently trading above $2,350 and the 100-hour Simple Moving Average (SMA).
- A key bullish trend line is forming, offering support at $2,310 on the hourly chart of ETH/USD (data feed via Kraken).
- To sustain the upward momentum, the pair must break through the $2,420 resistance level in the near term.
Ethereum Price Aims Higher
After establishing a base near $2,280, Ethereum price initiated a fresh surge, similar to Bitcoin. ETH managed to overcome the $2,320 and $2,350 resistance levels. Although Bitcoin gained over 5%, Ethereum struggled to exhibit the same strength. However, ETH did surpass the 76.4% Fibonacci retracement level of the downward wave from the $2,392 swing high to the $2,277 low. It even traded above the $2,392 high, displaying positive signs.
Currently, Ethereum is trading above $2,350 and the 100-hour Simple Moving Average. A key bullish trend line is also forming, providing support at $2,310 on the hourly chart of ETH/USD. On the upside, the price appears to encounter hurdles around the $2,420 level, which is close to the 1.236 Fibonacci extension level of the downward wave from the $2,392 swing high to the $2,277 low. The first major resistance is near the $2,450 level, followed by the next key resistance around $2,550.
An upward break above the $2,550 resistance might pave the way for further gains. If this scenario unfolds, Ether could climb towards the $2,650 resistance zone in the near term. The subsequent hurdle is around the $2,720 level or potentially $2,750.
Are Dips Supported In ETH?
If Ethereum fails to breach the $2,420 resistance level, a decline could be imminent. Initial support on the downside is near $2,365, with the first major support situated around the $2,310 zone and the trend line zone. A decisive move below the $2,310 support might push the price towards $2,280, and further losses could drive the price towards the $2,220 support level in the near term. The next key support is at $2,150.
Technical Indicators
Hourly MACD
The MACD for ETH/USD is gaining momentum in the bullish zone, indicating a potential upward trend.
Hourly RSI
The RSI for ETH/USD is currently above the 50 zone, suggesting that the market sentiment is positive.
Major Support Level
$2,310
Major Resistance Level
$2,420
