The Ethereum price is currently consolidating above the $2,250 mark, and there is potential for a new upward trend if it convincingly breaks through the $2,320 resistance zone.
Initiating an upward movement, Ethereum has surpassed the $2,200 and $2,220 levels, with the current price trading above $2,240 and the 100-hourly Simple Moving Average.
On the hourly chart of ETH/USD, a significant rising channel is evident, indicating support around $2,275.
For a sustained upward momentum, it is crucial for the price to close above key resistance levels at $2,320 and $2,350. This breakthrough could pave the way for a steady increase in the Ethereum pair.
Ethereum’s price is poised for further upward movement.
Ethereum’s price initiated a consistent uptrend above the $2,180 resistance, gaining bullish momentum following a close above the $2,200 resistance.
The price experienced a surge beyond the $2,300 level and established itself above the 100-hourly Simple Moving Average. Reaching a peak at approximately $2,332, the price is currently in a phase of consolidating its gains. Although a minor bearish correction occurred below the $2,300 level, Ethereum remains positioned above $2,240 and the 100-hourly Simple Moving Average.
On the hourly chart of ETH/USD, a significant rising channel is observable, providing support near $2,275. This channel support, coupled with the 100-hourly SMA, aligns closely with the 23.6% Fibonacci retracement level of the upward movement from the $1,980 swing low to the $2,332 high.
Facing upward, the price encounters resistance in the vicinity of the $2,320 level, with the subsequent significant resistance at approximately $2,350. The primary resistance point persists around $2,400. A decisive breakthrough above the $2,400 threshold has the potential to propel the price towards the $2,500 level. Further resistance awaits at $2,520, and additional gains may trigger a surge towards the $2,580 level.
Is Ethereum Set for a New Downward Movement?
Should Ethereum be unable to surpass the $2,320 resistance, a potential downturn may unfold. Initial support on the downside resides around the $2,275 level, marked by the 100-hourly Simple Moving Average and the channel trend line. Subsequently, a crucial support level is situated at $2,165.
The primary support is presently near $2,120 or the 61.8% Fibonacci retracement level, derived from the upward movement spanning from the $1,980 swing low to the $2,332 high. A breach below $2,120 could initiate a significant decline, possibly leading Ether to revisit the $2,000 support level.
Analyzing technical indicators, the hourly MACD for ETH/USD indicates a waning bullish momentum, while the hourly RSI is currently above the 50 level.
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