Ethereum Begins New Upward Trend
The price of Ethereum has experienced a fresh increase, surpassing the $2,180 and $2,200 levels. It is currently trading above $2,220 and the 100-hourly Simple Moving Average. Additionally, there was a break above a major declining channel with resistance near $2,215 on the hourly chart of ETH/USD.
If the price manages to close above $2,285 and $2,300, it could potentially start a strong upward trend. Ethereum’s price remained supported above the $2,100 zone and formed a base before initiating its recovery wave. It cleared the 61.8% Fib retracement level and is now facing resistance near the $2,285 level.
Potential for Another Decline in ETH
However, if Ethereum fails to clear the $2,285 resistance level, it may experience a fresh decline. The initial support on the downside can be found near the $2,230 level or the 100-hourly Simple Moving Average. The next key support is at $2,180 and the main support lies near $2,120.
A downside break below $2,120 could lead to another major decline and a potential revisit of the $2,000 support level. Further losses might even test the $1,880 support zone in the near future.
Technical Indicators
The MACD for ETH/USD is gaining momentum in the bullish zone while the RSI for ETH/USD is now above the 50 level.
Disclaimer: This article is not meant to give financial advice. Any opinions or statements made within this article are purely for informational purposes only and should not be taken as financial advice.
Hot Take: Ethereum Price Resumes Uptrend, But Faces Resistance
Ethereum’s price has regained strength and is showing signs of a potential upward trend. The cryptocurrency broke through key resistance levels and is now trading above the 100-hourly Simple Moving Average. However, it is currently facing resistance near the $2,285 level. If Ethereum can overcome this hurdle, it could experience a strong increase and potentially reach the $2,400 and $2,500 levels. On the other hand, if it fails to break through the resistance, a decline may occur, with initial support at $2,230. Traders should closely monitor these key levels to determine the next direction for Ethereum.
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