Ethereum Price Consolidates Gains
The price of Ethereum is currently consolidating below the $2,460 resistance level. However, it is trading above $2,400 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a major bullish trend line is forming with support at $2,435.
Positive Outlook for Ethereum
After breaking the $2,350 resistance, Ethereum saw a steady increase in price. It climbed above $2,400 and tested the $2,460 zone. Although there was a slight pullback, if the price manages to close above the $2,460 and $2,480 levels, it could start a fresh increase.
Potential Upside Targets
If Ethereum experiences a fresh increase in price, it has the potential to surge above the $2,460 level. The first major resistance is near $2,500, followed by another major resistance at $2,550. If the price surpasses these levels, it could test the $2,620 resistance.
Source: ETHUSD on TradingView.com
Possible Downside Correction
If Ethereum fails to break through the $2,460 resistance level, it may experience a downside correction. The initial support on the downside is around $2,435 and the trend line. Further support can be found at the $2,400 zone or the 50% Fib retracement level.
Technical Indicators
The MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is above the 50 level.
Hot Take: Ethereum Price Consolidates Below Resistance Level
Ethereum has been consolidating its gains below the $2,460 resistance level. Although there is a possibility of a downside correction, the overall outlook for Ethereum remains positive. If the price manages to break through the resistance levels, it could experience a fresh increase and test higher targets. However, if it fails to surpass the resistance, it may face further downside correction towards key support levels. Traders should closely monitor these levels and technical indicators to make informed trading decisions.
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