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Ethereum price is consolidating gains above $2,400. ETH could start a major increase if there is a clear move above the $2,460 resistance.
- Ethereum is consolidating gains below the $2,460 resistance zone.
- The price is trading above $2,400 and the 100-hourly Simple Moving Average.
- There is a major bullish trend line forming with support at $2,435 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if there is a close above the $2,460 and $2,480 levels.
Ethereum Price Aims Higher
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.
Source: ETHUSD on TradingView.com
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.
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 – $2,400
Major Resistance Level – $2,460
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.
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