Ethereum experienced an upward surge, surpassing the $2,350 mark. The positive indicators suggest a potential continuation of the uptrend, aiming for the $2,500 threshold.
Bullish momentum is strengthening for Ethereum, surpassing the $2,350 level.
The current price is above $2,320, maintaining its position above the 100-hourly Simple Moving Average.
On the hourly chart of ETH/USD (data feed via Kraken), a notable breakout occurred above a significant rising channel, marked with resistance around $2,350.
While a corrective pullback may transpire, any declines are expected to find support around the $2,335 level.
Ethereum’s Price Takes on a Positive Tone
The Ethereum price established a support base above $2,220, initiating a notable uptrend. Surpassing Bitcoin in performance, ETH successfully cleared several obstacles around the $2,350 mark.
A significant breakthrough occurred as a key rising channel was breached, with resistance at approximately $2,350, as observed on the hourly ETH/USD chart. Bulls propelled the pair towards $2,400, reaching a peak around $2,389, and the current scenario involves consolidation of these gains.
Although there was a slight downturn below $2,365, Ether retraced below the 23.6% Fibonacci retracement level of the recent upswing from the $2,282 low to the $2,389 high.
Presently, Ethereum is trading above $2,320 and the 100-hourly Simple Moving Average. Regarding potential upward movement, the initial major resistance lies at approximately $2,380. Subsequently, the following significant resistance point is near $2,420, beyond which a further ascent could lead to a test of the $2,485 resistance level.
Should the bullish momentum persist, there’s a potential for the price to be propelled above the $2,550 resistance. In such a scenario, the price might ascend towards the $2,550 level.
Is ETH Poised for Another Decline?
Should Ethereum face difficulty surpassing the $2,380 resistance, a potential downside correction might ensue. Initial support is anticipated around the $2,350 level and the trend line within the channel.
Subsequent crucial support levels include the $2,335 zone or the 50% Fibonacci retracement level, calculated from the recent upswing between the $2,282 swing low and the $2,389 high. A clear breach beneath the $2,335 support could lead the price towards $2,250, with the primary support level identified at $2,220. Further losses could potentially steer the price towards the $2,120 level.
In terms of technical indicators, the hourly MACD for ETH/USD is displaying a reduction in bullish momentum, situated within the bullish zone. Meanwhile, the hourly RSI for ETH/USD is currently above the 50 level.
Key Levels:
- Major Support: $2,335
- Major Resistance: $2,380