Ethereum price extended its increase above the $2,320 resistance zone. ETH is correcting gains but the 100 hourly SMA might provide support and start a fresh increase.
- Ethereum started an extended recovery wave above the $2,320 resistance zone.
- The price is trading above $2,300 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend lien with support at $2,325 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might start a fresh increase if it manages to stay above the $2,300 level.
Ethereum Price Holds Support
Ethereum price remained in a positive zone above the $2,250 resistance zone. ETH cleared the $2,320 resistance to move further into a positive zone, outperforming Bitcoin.
The price traded close to the $2,400 level. A high was formed near $2,390 and the price is now correcting gains. There was a move below the $2,350 level. The price broke the 50% Fib retracement level of the upward move from the $2,235 swing low to the $2,390 high.
Besides, there was a break below a key bullish trend lien with support at $2,325 on the hourly chart of ETH/USD. However, Ethereum is still above $2,300 and the 100-hourly Simple Moving Average.
Source: ETHUSD on TradingView.com
On the upside, the first major resistance is near the $2,325 level. The next major resistance is near $2,350, above which the price might rise and test the $2,400 resistance. If the bulls push the price above the $2,400 resistance, they could aim for $2,450. A clear move above the $2,450 level might send the price further higher. In the stated case, the price could rise toward the $2,550 level.
More Losses in ETH?
If Ethereum fails to clear the $2,325 resistance, it could continue to move down. Initial support on the downside is near the $2,300 level and the 100 hourly SMA.
The next key support could be the $2,295 zone or the 61.8% Fib retracement level of the upward move from the $2,235 swing low to the $2,390 high. A daily close below the $2,295 support might start another steady decline. In the stated case, Ether could test the $2,200 support. Any more losses might send the price toward the $2,120 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,300
Major Resistance Level – $2,325
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: NewsBTC.com
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