Ethereum Gains Bullish Momentum Above $2,350
Ethereum has seen a positive upward trend, surpassing the $2,350 level. It is currently trading above $2,320 and the 100-hourly Simple Moving Average. Additionally, there was a break above a key rising channel with resistance near $2,350 on the hourly chart of ETH/USD.
Ethereum Price Turns Green
After forming a base above the $2,220 level, Ethereum experienced a decent increase in price. It outperformed Bitcoin and managed to clear several obstacles near the $2,350 mark. The bulls further propelled the pair towards the $2,400 level before consolidating gains at around $2,389.
Another Drop in ETH?
If Ethereum fails to surpass the resistance at $2,380, it may undergo a downward correction. The initial support on the downside is expected to be near the $2,350 level and the channel trend line. Further support can be found at the $2,335 zone or the 50% Fib retracement level. A significant move below this support could lead to a price drop towards $2,250.
Technical Indicators
The MACD for ETH/USD is showing signs of losing momentum in the bullish zone. Meanwhile, the RSI for ETH/USD is now above the 50 level.
Hot Take: Ethereum’s Bullish Momentum Continues
Ethereum’s price has been steadily increasing and surpassing key resistance levels. Despite a possible correction in the future, Ethereum has demonstrated strong bullish momentum and continues to outperform other cryptocurrencies like Bitcoin. With ongoing support and positive technical indicators, Ethereum could potentially reach new heights above $2,550.
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