The price of Ethereum has started a new round of rise above $2,350. ETH is currently showing positive signals, likely to break through $2,550.
Ethereum has started a new round of rise, breaking through the $2,320 mark.
The price is currently above $2,350 and the 100-hour simple moving average.
On the ETH/USD hourly chart, a connecting bullish trend line is forming, with support at $2,440 (data provided by Kraken).
If the currency pair breaks through the resistance level of $2,550 in the short term, it may start a new round of rise.
The price of Ethereum is expected to rise further.
The price of Ethereum is starting to rise again above the support level of $2,250, just like Bitcoin. The ETH price has successfully broken through the resistance levels of $2,320 and $2,350, entering positive territory.
Bulls have even pushed the price above the 61.8% Fibonacci retracement level from the swing high of $2,568 to the swing low of $2,115. Currently, the price is facing resistance around $2,500. The price of Ethereum is currently trading above $2,450 and the 100-hour simple moving average.
The current price is near the 76.4% Fibonacci retracement level from the swing high of $2,568 to the swing low of $2,115. On the upside, the price may face resistance around $2,480. The next key resistance level is around $2,500.
The first major resistance level is around $2,550. If the resistance level of $2,550 is clearly broken, the price may drop towards $2,600. If the resistance level of $2,600 is broken, there may be more increases in the coming trading days. In this case, Ether could rise to the resistance level of $2,720 in the short term, or even $2,800.
Is ETH falling again?
If Ethereum fails to break through the resistance level of $2,550, it may start a new round of decline. The initial support level on the downside is around $2,440 and near the trend line. The first major support level is around $2,390.
If the price clearly drops below the support level of $2,390, it may push up to the support level of $2,310. If the price drops further, it may fall towards the support level of $2,220 in the short term. The next key support level is at $2,150.
Technical Indicators
Hourly MACD - The MACD for ETH/USD is gaining momentum within the bullish zone.
Hourly RSI - The RSI for ETH/USD is now above the 50 area.
Major support level - $2,310
Major resistance level - $2,550
