English
Nederlands
Français
Deutsch
Italiano
Русский
Español
简体中文
हिन्दी
日本語
Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price started a fresh increase from the $2,120 zone. ETH is now up over 8% and might face resistance near the $2,460 zone.
- Ethereum started a fresh upward move above the $2,200 level.
- The price is trading above $2,250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2,240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it settles above the $2,460 resistance zone in the near term.
Ethereum Price Regains Traction
Ethereum price started a fresh increase from the $2,120 support level, like Bitcoin. ETH price was able to clear the $2,200 and $2,250 resistance levels to move into a positive zone.
Besides, there was a break above a key bearish trend line with resistance at $2,240 on the hourly chart of ETH/USD. The bulls even pushed the price above the 61.8% Fib retracement level of the downward move from the $2,568 swing high to the $2,114 low.
Ethereum price is now trading above $2,300 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $2,440 level. The next key resistance is near the $2,460 level. It is close to the 76.4% Fib retracement level of the downward move from the $2,568 swing high to the $2,114 low.
The first major resistance is near the $2,500 level. A clear move above the $2,500 resistance might send the price toward the $2,550 resistance. An upside break above the $2,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,620 resistance zone or even $2,650 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,460 resistance, it could start a fresh decline. Initial support on the downside is near the $2,340 level. The first major support sits near the $2,320 zone.
A clear move below the $2,320 support might push the price toward the $2,250 support. Any more losses might send the price toward the $2,150 support level in the near term. The next key support sits at $2,120.
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 zone.
Major Support Level – $2,320
Major Resistance Level – $2,460
Read the full article here
