Ethereum remained strong above the $2,200 level and it climbed higher against the US Dollar. ETH price is back above the 100 hourly SMA and it is signaling more upsides above $2,400.
- Ethereum gained pace and it cleared the $2,300 resistance zone.
- The price is now trading well above $2,300 and the 100 hourly simple moving average.
- There was a break above a crucial bearish trend line with resistance near $2,175 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is showing positive signs and it is likely to continue higher above $2,400.
Ethereum Price Is Gaining Pace
Ethereum remained well bid above the $2,100 zone. As a result, ETH started a fresh increase above the $2,180 and $2,200 resistance levels.
There was a clear break above a crucial bearish trend line with resistance near $2,175 on the hourly chart of ETH/USD. It opened the doors for a steady increase above the $2,250 and $2,300 resistance levels.
Ether climbed above the 61.8% Fib retracement level of the key decline from the $2,500 swing high to $1,950 swing low. It is now trading well above $2,300 and the 100 hourly simple moving average. An immediate resistance is near the $2,350 level.
Source: ETHUSD on TradingView.com
The first key resistance is near the $2,370 level. It is near the 76.4% Fib retracement level of the key decline from the $2,500 swing high to $1,950 swing low. A clear upside break above the $2,350 and $2,370 levels could set the pace for a surge above the $2,400 level. In the stated case, ether price may easily revisit the $2,500 zone.
Downsides Limited in ETH?
If Ethereum fails to clear the $2,350 and $2,370 resistance levels, it could correct lower. An initial support on the downside is near the $2,300 zone.
The first support is now forming near the $2,250 level and the 100 hourly simple moving average. If ether fails to stay above the 100 hourly simple moving average, there is a risk of more downsides below the $2,200 support. The next major support below $2,200 sits near the $2,150 pivot level.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $2,250
Major Resistance Level – $2,350
This article is Originally posted on CoinCentral.com
Author: Aayush Jindal