ETHEREUM PRICE CONSOLIDATES WHILE BITCOIN SURGES, CAN ETH FOLLOW BTC LATER?

Ethereum price saw a steady increase after it broke the $2,350 resistance. ETH climbed above $2,400 and tested the $2,460 zone. A high was formed near $2,463 and the price is now consolidating gains, while Bitcoin extended its increase above the $45,000 level.

Ether is trading above the 23.6% Fib retracement level of the recent wave from the $2,352 swing low to the $2,463 high. There is also a major bullish trend line forming with support at $2,435 on the hourly chart of ETH/USD.

Ethereum is now trading above $2,400 and the 100-hourly Simple Moving Average. If there is a fresh increase, the price could surge above the $2,460 level. On the upside, the first major resistance is near the $2,500 level. The next major resistance is near $2,550, above which the price might rise and test the $2,620 resistance.

If the bulls remain in action, they could even push the price above the $2,620 resistance. In the stated case, the price could rise toward the $2,700 level.

ANOTHER BEARISH WAVE IN ETH?

If Ethereum fails to clear the $2,460 resistance, it could start a downside correction. Initial support on the downside is near the $2,435 level and the trend line.

The next key support could be the $2,400 zone or the 50% Fib retracement level of the recent wave from the $2,352 swing low to the $2,463 high. A clear move below the $2,400 support might send the price toward $2,375. The main support could be $2,350. Any more losses might send the price toward the $2,240 level.#ETH #ETH/USDT.P #ethi #ETH+ALT