The price of Ethereum continues its upward momentum, breaking through the $2,500 area. Currently, ETH is correcting its gains, possibly retesting the $2,350 support level.

  • Ethereum starts a downward correction from the resistance level of $2,600.

  • The price is trading above $2,400 and the 100-hour simple moving average.

  • On the ETH/USD hourly chart, it broke below the connecting bullish trend line, with support at $2,500 (data provided by Kraken).

  • The currency pair may find a buying price around $2,350 and start a new round of increases in the short term.

The price of Ethereum is expected to rise again.

The price of Ethereum continues to gain support and breaks through $2,350, initiating a new round of increases, surpassing Bitcoin. ETH is expected to break through the resistance level of $2,400.

Bulls successfully pushed the price above the resistance level of $2,550. The price has risen over 35% and recently tested the resistance level of $2,600. The price formed a high at $2,624 and is currently correcting its gains. A slight decline occurred below the 50% Fibonacci retracement level of the upward move from the low of $2,272 to the high of $2,624.

On the ETH/USD hourly chart, it broke through the resistance level of the connecting bullish trend line (support at $2,500). However, bulls remain active above $2,400. The price of Ethereum is currently trading above $2,400 and the 100-hour simple moving average.

On the positive side, the price seems to face resistance around $2,500. The next key resistance level is around $2,550. The first major resistance level is around $2,620. If the price clearly breaks through the resistance level of $2,620, it may drop towards the resistance level of $2,650.

Breaking through the resistance level of $2,650 may indicate more increases in the coming trading days. In this case, Ether may rise towards the resistance level of $2,720 in the short term, or even $2,780.

Will ETH's losses be even greater?

If Ethereum fails to break through the resistance level of $2,500, it may initiate a new round of downward correction. The initial support level in the downward direction is around $2,400. The first major support level is near the $2,350 area, as well as near the 76.4% Fibonacci retracement level of the upward move from the low of $2,272 to the high of $2,624.

If the price clearly breaks below the support level of $2,350, it may rise to the support level of $2,275. If the price falls further, it may drop towards the support level of $2,220 in the short term. The next key support level is at $2,200.

Technical Indicators

Hourly MACD - The MACD of ETH/USD is losing momentum in the bullish zone.

Hourly RSI - The RSI of ETH/USD is currently below the 50 area.

Major support level - $2,350

Major resistance level - $2,500