Ethereum Breaks $2,200 Resistance
Ethereum has shown positive signs as it successfully cleared the $2,200 resistance level. The price is currently trading above $2,150 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a connecting bullish trend line forming with support near $2,190. If the pair manages to surpass the $2,220 resistance zone, it could potentially extend its rally.
Ethereum Price Jumps 5%
Following its settlement above the $2,000 level, Ethereum’s price remained well-bid and gained bullish momentum. It successfully broke through the $2,120 resistance and even surged above $2,200. Currently consolidating gains, Ethereum is trading above the 23.6% Fib retracement level and is supported by a bullish trend line near $2,190 on the hourly chart of ETH/USD. The price is also trading above the 100-hourly Simple Moving Average.
Resistance Levels and Potential Gains
Ethereum faces immediate resistance near the $2,220 zone, with the first key resistance at $2,250 and the next one at $2,320. If it manages to surpass these levels, it could target the $2,450 resistance zone and potentially reach levels such as $2,500 and even $2,650 or higher.
Are Dips Supported in ETH?
If Ethereum fails to clear the $2,220 resistance level, a downside correction may occur. Initial support lies near $2,190 and the connecting trend line. The next significant support level is at $2,165 or the 76.4% Fib retracement level. The main support is currently around $2,120, and a break below this level could lead to a steady decline. The key support to watch for is $2,050, and further downward movement may bring the price closer to $2,000 in the short term.
Technical Indicators
The MACD for ETH/USD is gaining momentum in the bullish zone, indicating positive market conditions. The RSI for ETH/USD is now above the 50 level, suggesting increased buying pressure.
Hot Take: Ethereum’s Bullish Run Continues
Ethereum has been on a strong upward trend recently, surpassing key resistance levels and reaching new multi-month highs. With its current positive momentum and successful break above $2,200, Ethereum has the potential to extend its rally further. However, if it fails to clear the resistance at $2,220, a downside correction may occur. It is crucial to monitor support levels around $2,190 and $2,165 to gauge the market’s direction. Overall, Ethereum’s performance indicates continued bullishness in the crypto market.
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