Ethereum is gaining momentum above $2,300 against the US Dollar. ETH price is showing positive signs and it is likely to continue higher towards the $2,400 and $2,500 levels.
- Ethereum is gaining pace above the $2,200 and $2,250 resistance levels.
- The price is now trading well above $2,250 and the 100 hourly simple moving average.
- There was a break above a key contracting triangle with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher towards the $2,400 and $2,420 levels in the near term.
Ethereum Price Is Gaining Pace
Ethereum started a strong increase after it broke the $2,200 resistance zone. ETH broke many hurdles near $2,220 and $2,250 to move into a positive zone.
There was a clear break above the $2,300 resistance levels. Moreover, there was a break above a key contracting triangle with resistance near $2,300 on the hourly chart of ETH/USD. It is now trading well above the 1.236 Fib extension level of the downward move from the $2,200 swing high to $2,102 low.
Ether is now trading well above $2,250 and the 100 hourly simple moving average. It is showing a lot of positive signs above the $2,300 level, and it traded to a new all-time high, similar to bitcoin.
Source: ETHUSD on TradingView.com
It seems like the bulls are aiming a test of the $2,400 level. An intermediate resistance could be $2,355. It is near the 2.618 Fib extension level of the downward move from the $2,200 swing high to $2,102 low. Any more gains could open the doors for a push towards the $2,500 level in the near term.
Dips Limited in ETH?
If Ethereum fails to clear the $2,350 resistance, it could correct lower. The first major support is now forming near the $2,300 level or the broken triangle zone.
The main support is now near the $2,250 level. If ether fails to stay above the $2,250 support zone, it could continue to move down towards the $2,200 support zone. Any more losses might call for a test of the $2,180 support area and the 100 hourly simple moving average.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 60 level.
Major Support Level – $2,300
Major Resistance Level – $2,400
