Ethereum Price Technical Setup Suggests Fresh Surge Above $2,400
Ethereum price climbed higher above the $2,350 resistance. ETH outpaced Bitcoin and might even attempt a clear move above the $2,400 resistance.
Ethereum is attempting a fresh increase above the $2,350 resistance level.
The price is trading above $2,320 and the 100-hourly Simple Moving Average.
There is a key rising channel forming with support near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh surge if there is a close above the $2,400 level.
Ethereum Price Starts Increase
Ethereum price formed a base above the $2,220 level and started a fresh increase. ETH saw a sharp upward move despite a drop in Bitcoin below $46,500. The price gained pace for a move above the $2,300 and $2,320 levels.
It even broke the $2,350 resistance and tested the $2,400 zone. A high was formed near $2,399 and the price is now consolidating gains. There was a minor drop below $2,360. The price declined below the 23.6% Fib retracement level of the recent increase from the $2,243 swing low to the $2,399 high.
Ethereum is now trading above $2,320 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support near $2,300 on the hourly chart of ETH/USD.
If there is a fresh increase, the price might face resistance near the $2,380 level. The next major resistance is now near $2,400. A clear move above the $2,400 level might send ETH toward $2,440. A close above the $2,440 resistance could start a decent upward move.
Source: ETHUSD on TradingView.com
The next key resistance is near $2,550. If the bulls push Ethereum above $2,550, there could be a rally toward $2,720. Any more gains might send the price toward the $2,800 zone.
Another Decline in ETH?
If Ethereum fails to clear the $2,400 resistance, it could start a fresh decline. Initial support on the downside is near the $2,320 level or the 50% Fib retracement level of the recent increase from the $2,243 swing low to the $2,399 high.
The first key support could be the $2,300 zone. A downside break and a close below $2,300 might send the price further lower. In the stated case, Ether could test the $2,240 support. Any more losses might send the price toward the $2,150 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 – $2,300
Major Resistance Level – $2,400
