Ethereum’s price is seeing renewed upward movement, currently trading above $2,320. To maintain this bullish trajectory, ETH must overcome the pivotal $2,400 resistance level.
Ethereum has initiated a recovery wave, moving above the $2,320 threshold. It is trading above $2,350 and the 100-hour Simple Moving Average. A short-term declining channel was breached, with resistance at $2,350, on the hourly chart of ETH/USD, supplied by Kraken data. To continue its ascent, Ethereum needs to clear the $2,400 resistance area soon.
Support for Ethereum’s price was established above the $2,250 mark. Starting from this base, the price advanced beyond $2,300, mirroring Bitcoin’s performance. There was a significant break above a short-term declining channel at $2,350 on the hourly chart. Despite surpassing $2,380, the price remained under the critical $2,400 resistance. It peaked at $2,390 and is currently consolidating.
Ethereum’s current trading level is near the 23.6% Fib retracement of its rise from $2,278 to $2,390. Now above $2,320 and maintaining the 100-hour Simple Moving Average, the price confronts resistance at the $2,380 mark. The first substantial hurdle is the $2,400 resistance. Closing above $2,400 could propel ETH towards the $2,450 resistance, with the next significant barrier at $2,500. Should Ethereum break above $2,500, further gains are likely, aiming for the $2,550 resistance zone.
Conversely, if Ethereum fails to clear the $2,380 resistance, a downward trend might ensue. Initial support lies around $2,350, with the first major support at the $2,330 zone, which corresponds to the 50% Fib retracement of the previous upward move from $2,278 to $2,390. Falling below $2,330 could push the price to $2,250, with further declines potentially leading to the $2,200 support level. The next critical support sits at $2,120.
Technical indicators reflect a slowing momentum in the bullish zone for the hourly MACD for ETH/USD. The hourly RSI for ETH/USD remains above the 50 mark.
Key support is at $2,330, while the major resistance is noted at $2,400. Ethereum’s immediate future hinges on its ability to break these key levels.
