Ethereum’s price has begun a new upward trend, climbing above $2,365. After this rise, ETH is now consolidating and could aim for further gains if it manages to break past the $2,400 level.
The price steadily increased above the $2,220 zone and is now trading above $2,300 and the 100-hour Simple Moving Average. On the hourly chart for ETH/USD, the price broke below a rising channel that had support at $2,385. The pair could continue its upward movement if it remains above the $2,300 support area.
Ethereum Faces Resistance at $2,400
Following a hold above the $2,200 support, Ethereum started a fresh increase. The price gained momentum, breaking above $2,220 and $2,280, and bulls pushed it past the $2,365 resistance to form a high near $2,417. It is now undergoing a correction.
The price has dipped below the 23.6% Fibonacci retracement level of the recent upward move from the $2,180 swing low to the $2,416 high. It remains above $2,300 and the 100-hour SMA. If buyers stay active above $2,300, another attempt to rise is possible.
Immediate resistance is near $2,360, with the first key resistance at $2,380. The next major hurdle is at $2,400. A clear break above $2,400 could propel the price toward $2,480. Surpassing $2,480 might lead to further gains, potentially targeting the $2,550 or even $2,620 zones in the near term.
Potential for a Downside Correction
If Ethereum fails to overcome the $2,400 resistance, it could start a downward correction. Initial support sits near $2,320, with the first major support around $2,300. A break below $2,300 might push the price toward the $2,270 support, which aligns with the 61.8% Fibonacci retracement level of the recent upswing. Further losses could see the price test the $2,220 region, with major support at $2,180.
Technical Indicators
– Hourly MACD: The MACD for ETH/USD is losing momentum in the bullish zone.
– Hourly RSI: The RSI is now below the 50 level.
– Major Support Level: $2,270
– Major Resistance Level: $2,400
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