Ethereum found support near $2,150 and started a fresh increase against the US Dollar. ETH price is showing positive signs and it could soon rally above $2,500.
- Ethereum formed a support base above $2,150 and recently started a fresh increase.
- The price is now trading well above $2,400 and the 100 hourly simple moving average.
- There was a break above a major contracting triangle with resistance near $2,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is showing bullish signs and it could even surge above $2,500 in the near term.
Ethereum Price Climbs above $2,400
Ethereum remained stable above the $2,120 and $2,150 levels. ETH formed a support base above $2,150 and recently started a fresh increase above $2,200.
There was a strong upward move above the $2,250 and $2,300 resistance levels. There was also a break above a major contracting triangle with resistance near $2,340 on the hourly chart of ETH/USD.
The pair is now trading well above $2,400 and the 100 hourly simple moving average. There was a break above the 50% Fib retracement level of the recent decline from the $2,645 high to $2,106 swing low. Ether is now consolidating above the $2,400 level.
Source: ETHUSD on TradingView.com
An immediate resistance is near the $2,480 level. The next key resistance is near the $2,520 level. It is near the 76.4% Fib retracement level of the recent decline from the $2,645 high to $2,106 swing low. A successful break above the $2,520 level could open the doors for a fresh high above the $2,650 zone in the near term.
Dips Supported in ETH?
If Ethereum fails to extend gains above $2,500, there could be a downside correction. An immediate support is near the $2,420 level. The first key support is near the $2,250 level and the broken triangle zone.
Any more losses might call for a test of the 100 hourly simple moving average at $2,300. If there is a close below the 100 hourly SMA, there could be a fresh bearish wave towards the $2,150 support zone in the near term.
Technical Indicators
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 60 level.
Major Support Level – $2,350
Major Resistance Level – $2,500
Source: NewsBTC.com
