Ethereum Price Topside Bias Vulnerable If It Continues To Struggle Below $2,400


Ethereum price is consolidating above the $2,250 zone. ETH could start a decent increase if it clears the $2,340 and $2,380 resistance levels.

  • Ethereum is struggling to gain pace for a move above the $2,350 zone.
  • The price is trading above $2,300 and the 100-hourly Simple Moving Average.
  • There is a short-term rising channel forming with resistance near $2,350 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might start a fresh increase if it manages to clear the $2,350 resistance zone.

Ethereum Price Eyes Fresh Increase

Ethereum price remained in a range below the $2,350 resistance zone. ETH traded lower below $2,320, but the bulls were active near the $2,280 support zone.

A low was formed near $2,282 and the price is now attempting a fresh increase in a range, like Bitcoin. There was a move above the $2,300 resistance zone and the 100-hourly Simple Moving Average. The price even cleared the 61.8% Fib retracement level of the recent decline from the $2,334 swing high to the $2,282 low.

Ethereum is now trading above $2,300 and the 100-hourly Simple Moving Average. There is also a short-term rising channel forming with resistance near $2,350 on the hourly chart of ETH/USD.

On the upside, the first major resistance is near the $2,325 level or the 76.4% Fib retracement level of the recent decline from the $2,334 swing high to the $2,282 low. The next major resistance is near $2,350, above which the price might rise and test the $2,380 resistance.

Source: ETHUSD on TradingView.com

If the bulls push the price above the $2,380 resistance, they could aim for $2,450. A clear move above the $2,450 level might send the price further higher. In the stated case, the price could rise toward the $2,500 level.

Another Decline in ETH?

If Ethereum fails to clear the $2,350 resistance, it could start another decline. Initial support on the downside is near the $2,280 level and the channel trend line.

The next key support could be the $2,240 zone. A clear move below the $2,240 support might send the price toward $2,180. The main support could be $2,120. Any more losses might send the price toward the $2,040 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,240

Major Resistance Level – $2,350

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



Source link