Ethereum Moves Higher from Support Zone
Ethereum has started to move higher from the $2,240 support zone and is currently trading above $2,280 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a rising channel forming with resistance near $2,320.
Ethereum Price Stuck Below $2,400
Despite a correction and a drop below the $2,300 level, Ethereum found support near $2,240 and began an upward move. However, the price is still within a broad range below the $2,400 pivot zone.
The price recently tested the 50% Fib retracement level of the downward move from the $2,390 swing high to the $2,241 low. Currently, Ethereum is trading above $2,280 and the 100-hourly Simple Moving Average. There is also a rising channel with resistance near $2,320.
Possible Fresh Increase if Resistance is Cleared
If Ethereum manages to clear the $2,350 resistance zone, it may start a fresh increase. The first major resistance is near $2,315 followed by $2,320 or the trend line. The next key resistance level could be around $2,350.
Another Decline in ETH?
If Ethereum fails to break above the $2,350 resistance level, it could experience another decline. Initial support on the downside is near the $2,290 level or the 100-hourly SMA. The next key support is around $2,240.
Technical Indicators
The MACD for ETH/USD is losing momentum in the bullish zone while the RSI is now above the 50 level.
Hot Take: Ethereum’s Price Movement
If Ethereum manages to break above the $2,400 resistance, it could aim for $2,480 and potentially rise further towards the $2,550 level. On the other hand, if it fails to clear the resistance and drops below key support levels, a decline towards $2,200 or even $2,080 might be possible.
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