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Ethereum price started a fresh upside move above the $2,335 resistance level. Ethereum is now targeting further gains above the $2,420 resistance level.
- Ethereum started another rally from the $2,280 resistance level.
- The price is trading above the $2,350 level and the 100-hour simple moving average.
- A major bullish trend line is forming with support at $2,310 on the hourly chart of the ETH/USD pair (data via Kraken).
- The pair must clear the $2,420 resistance level to continue rising in the near term.
Ethereum price targets rise
Ethereum price formed a base near $2280 and started a new rally like Bitcoin. Ethereum managed to surpass the resistance levels of $2320 and $2350.
Bitcoin has gained over 5%, but Ethereum has struggled to keep up. It has cleared the 76.4% Fibonacci retracement level of the downtrend from the $2,392 high to $2,277 low. It has even traded above the $2,392 high and is now showing positive signs.
Ethereum price is now trading above the $2,350 level and the 100-hour simple moving average. A major bullish trend line is forming with support at $2,310 on the hourly chart of the ETH/USD pair.
On the upside, the price seems to be facing hurdles near the $2,420 level. It is close to the 1.236 Fibonacci extension level of the downtrend from the $2,392 high to $2,277 low. The first major resistance is near the $2,450 level. The next major resistance is near the $2,550 level.
An upside break above the $2,550 resistance level could require further gains. In the mentioned case, Ether could rally towards the $2,650 resistance area in the near term. The next hurdle is near the $2,720 or $2,750 level.
Are ETH dips supported?
If Ethereum fails to clear the $2,420 resistance level, it could start declining again in the near term. Initial support on the downside is near $2,365. The first major support is near the $2,310 area and the trend line area.
A clear move below the $2,310 support could push the price towards $2,280. Any further losses could push the price towards the $2,220 support in the near term. The next major support level is at $2,150.
Technical indicators
MACD hourly – The MACD indicator for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Key Support Level – $2,310
Key Resistance Level – $2420