Ethereum price started a new high and settled above $2,365. ETH is now consolidating and looking to make more gains if it clears $2,400.
- Ethereum started a steady increase above the $2,365 zone.
- The price is trading above $2,370 and the 100-hourly Simple Moving Average.
- There was a break above the triangle of agreement and resistance at $2,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue to move higher if it stays above the $2,330 zone.
Ethereum Price Targets New High Above $2,420
The price of Ethereum was able to stay above the support of $ 2,320 and start a new increase, as Bitcoin. ETH price started moving above $2,350 and $2,365.
There was a break above the concordance triangle and resistance at $2,320 on the ETH/USD hourly chart. The price went up to $2,400. The hike was made at $2,404, and the price now includes benefits. It is holding gains above the 23.6% Fib retracement level from the $2,286 swing low to the $2,404 high.
The price of Ethereum is now trading above $2,370 and the 100 Hours of Easy Walking Average. If bulls continue to work above $ 2,330, the price may try to increase further. Immediate resistance is seen near the $2,400 level.
The initial key resistance is near the $2,420 level. The next major resistance is near the $2,450 level. A clear move above the $2,450 resistance could send the price to the $2,500 resistance. A recent break above the $2,500 area may require more gains in the coming days. For the reasons stated, Ether may rise to the resistance area of $2,550 or $2,565 soon.
Another drop in ETH?
If Ethereum fails to clear the $2,400 resistance, it may initiate a correction. The initial support is near the $2,345 level or the 50% Fib retracement level of the up from the $2,286 swing low to the $2,404 high. The first major support is near the $2,330 zone.
A clear move below the $2,330 support could push the price towards the $2,285 support. Any further damage could send the price to the $2,250 area. The maximum grant can be $2,200.
Technical Indicators
MACD hourly – MACD of ETH/USD is increasing in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Maximum Support Level – $2,330
Maximum Objection Level – $2,400
