Ethereum price gained traction and climbed above $2,400. ETH is now showing bullish signs and might extend gains toward the $2,550 level.
- Ethereum is gaining bullish momentum above the $2,380 zone.
- The price is trading above $2,350 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might correct lower, but the bulls could be active near the $2,400 support zone.
Ethereum Price Gains Strength
Ethereum price remained strong above the $2,250 level. ETH started another increase like Bitcoin and was able to clear a few key hurdles near the $2,350 zone.
The price jumped above the $2,400 level and tested the $2,450 resistance. A high is formed near $2,449 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the recent surge from the $2,353 swing low to the $2,449 high.
Ethereum is also trading above $2,350 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $2,400 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent surge from the $2,353 swing low to the $2,449 high.
On the upside, the first major resistance is near the $2,450 level. The next major resistance is near $2,500, above which the price might rise and test the $2,550 resistance.
Source: ETHUSD on TradingView.com
If the bulls remain in action, they could even pump the price above the $2,620 resistance. In the stated case, the price could rise toward the $2,700 level.
Are Dips Limited In ETH?
If Ethereum fails to clear the $2,450 resistance, it could start a downside correction. Initial support on the downside is near the $2,425 level.
The next key support could be the $2,400 zone or the trend line. 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.
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 level.
Major Support Level – $2,375
Major Resistance Level – $2,450
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source
