Ethereum Bulls Sight New High In 2024 As BTC Pumps Above $45K
Ethereum price is eyeing an upside break above the $2,440 resistance. ETH could rally like Bitcoin if there is a close above the $2,500 level.
Ethereum is moving higher from the $2,250 support level.
The price is trading above $2,350 and the 100-hourly Simple Moving Average.
There was a break above a major bearish trend line with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate higher if there is a clear move above $2,400 and $2,440.
Ethereum Price Eyes Key Upside Break
Ethereum price found support near the $2,250 level and recently started a fresh increase. ETH managed to recover after Bitcoin pumped above the $44,400 resistance zone.
The price cleared the $2,300 and $2,320 resistance levels. There was also a break above a major bearish trend line with resistance near $2,300 on the hourly chart of ETH/USD. The pair climbed above the 61.8% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.
Bitcoin is now trading above $2,350 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,400 level. It is close to the 76.4% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.
Source: ETHUSD on TradingView.com
The first major resistance is now near $2,445. A close above the $2,445 resistance could send the price toward $2,500. The next key resistance is near $2,550. If the bulls remain in action and push ETH above $2,550, there could be a drift toward $2,620. The next resistance sits at $2,650, above which Ethereum might rally and test the $2,800 zone.
Another Decline in ETH?
If Ethereum fails to clear the $2,400 resistance, it could start another decline. Initial support on the downside is near the $2,350 level.
The first key support could be the $2,320 zone. A downside break and a close below $2,320 might start another major decline. In the stated case, Ether could test the $2,250 support. Any more losses might send the price toward the $2,120 level.
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 level.
Major Support Level – $2,320
Major Resistance Level – $2,400
