Ethereum Price Gains Momentum
The price of Ethereum has been gaining bullish momentum and is currently trading above the $2,380 zone. It has also surpassed the $2,350 level and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a key bullish trend line with support at $2,400 is forming (data feed via Kraken).
Ethereum Price Consolidates Gains
After clearing the $2,400 level, Ethereum tested the $2,450 resistance and formed a high near $2,449. The price is now consolidating its gains and is trading above the 23.6% Fib retracement level of the recent surge. Additionally, it remains above $2,350 and the 100-hourly Simple Moving Average.
Resistance and Potential Upside
The first major resistance for Ethereum is around $2,450, followed by $2,500. If it surpasses these levels, there is a possibility of further rise towards the $2,550 resistance. In an even more bullish scenario, the price could reach $2,620 and potentially rise to $2,700.
Are Dips Limited?
If Ethereum fails to break the $2,450 resistance level, a downside correction might occur. The initial support on the downside is near $2,425. Further support can be found at the $2,400 zone or at the trend line. However, if the price drops below $2,400, it may decline towards $2,375 and potentially even reach the main support at $2,350.
Technical Indicators
The MACD for ETH/USD on the hourly chart indicates a loss in bullish momentum, while the RSI is above the 50 level.
Hot Take: Ethereum Gains Bullish Momentum and Faces Resistance
Ethereum has been gaining strength and shows signs of bullish momentum. It has surpassed key resistance levels and remains above important support levels. However, it faces a significant resistance at $2,450. If it breaks this level, there is a possibility of further upside towards $2,500 and even higher. On the other hand, if it fails to break the resistance, a downside correction might occur with initial support at $2,425. The overall technical indicators suggest a mixed outlook for Ethereum’s price in the short term.
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