Ethereum price is holding gains above the $2,300 level. ETH could gain bullish momentum if it clears the $2,380 resistance zone.
Ethereum is showing positive signs but facing hurdles near $2,400.
The price is trading above $2,320 and the 100-hourly Simple Moving Average.
There is a key contracting triangle forming with resistance at $2,365 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,400 resistance to continue higher in the near term.
Ethereum Price Aims $2,500
Ethereum price seems to be forming a base above the $2,250 level like Bitcoin. Recently, there was a decent increase above the $2,350 level but the price struggled near $2,400.
A high was formed at $2,390 and the price is now consolidating. There was a minor decline below the $2,350 level. The price dipped below the 50% Fib retracement level of the upward wave from the $2,278 swing low to the $2,390 high.
However, the bulls were active near the $2,320 level and the 61.8% Fib retracement level of the upward wave from the $2,278 swing low to the $2,390 high.
Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,365 level. There is also a key contracting triangle forming with resistance at $2,365 on the hourly chart of ETH/USD.
The first major resistance is near the $2,380 and $2,400 levels. A close above the $2,400 level might send Ether toward the $2,465 resistance. The next key resistance is near $2,550. An upside break above the $2,550 resistance might call for more gains toward the $2,650 resistance zone in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $2,400 resistance, it could start another decline in the near term. Initial support on the downside is near $2,320. The first major support sits near the $2,300 zone.
A clear move below the $2,300 support might push the price toward $2,250. Any more losses might send the price toward the $2,200 support level in the near term. The next key support sits at $2,120.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,320
Major Resistance Level – $2,400
Source: NewsBTC.com
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