Ethereum rose more than 5% and broke the resistance level of $2,400 against the U.S. dollar. The price of ETH exceeds that of Bitcoin, and it seems possible to get more benefits above $2,450.
- Ethereum started a new rise and successfully broke through the resistance zone of 2,320 USD.
- The price is now well above $2,300 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (through data provided by Kraken), a major bullish trend line is formed, and the support level is around 2,340 USD.
- The currency pair may go lower, but the bulls may remain active near the $2,390 and $2,350 levels.
Ethereum price rise
Ethereum formed a support base above $2,250 and started a new rise, exceeding Bitcoin. ETH price strengthened and broke through the main resistance levels of 2,300 USD and 2,320 USD.
The price even soared above $2,400 100 hour simple moving average. It opened the door for more revenue, with a price of up to $2,450. It is now correcting the gains in the $2,450 resistance zone. Ether is approaching the 23.6% Fibonacci retracement level of the upward wave, rising from a low of $2,303 to a high of $2,451.
The first major support is near the US$2,390 and US$2,380. It is close to the 50% Fibonacci retracement level of the upward wave from the swing low of $2,303 to the high of $2,451. On the hourly chart of ETH/USD, there is also a major bullish trend line formed, and the support level is near $2,340.
Source: ETHUSD on TradingView.com
The next key support is near the $2,280 and the 100-hour simple moving average. A clear downside break below the $2,280 support area may cause the price to rise to the $2,200 support level.
ETH earns more?
If Ethereum remains stable at $2,340, it may continue to rise in the short term. The immediate resistance on the upside is near $2,450.
A clear break and close above $2,450 may start another steady rise. Under the above circumstances, the price could easily rise to the level of US$2,500. The next key resistance is near the $2,550 level, above which the price may test the $2,680 level in the short term.
MACD per hour —— The MACD of ETH/USD is now accelerating in the bullish zone.
RSI per hour —— The RSI for ETH/USD is now correcting downward from the overbought zone.
Main support level-2,340 USD
Main resistance level – 2,450 USD