Ethereum prints a bullish pattern, why is it important to close above $2,300

The exchange rate of Ethereum against the U.S. dollar is still supported near the $2,150 area. The price of ETH is rising, but the closing price higher than $2,300 is important to continue the rise.

  • Ethereum found support near $2,150 and started a new rise.
  • The price returned to the $2,200 area and above the 100-hour simple moving average.
  • A major contraction triangle was broken on the hourly chart of ETH/USD, with resistance near $2,260 (data feed from Kraken).
  • If the closing price is higher than US$2,300 and US$2,320, the currency pair may strengthen.

Ethereum price resumed its rise

Ethereum maintains good bids above the $2,150 and $2,120 support levels, similar to BitcoinThe price of ETH formed a base above $2,150 and started a new rise.

Breaking the resistance level of $2,200 100 hour simple moving averageEther surpassed the 50% Fib retracement of the downside correction, falling from a swing high of $2,431 to a low of $2,151. On the hourly chart of ETH/USD, the resistance level was also broken above the main contracting triangle near $2,260.

The current trading price of the currency pair is close to the resistance level of $2,300. The first major resistance is near 2,320 USD. It is close to the 61.8% Fibonacci retracement of the downward correction, falling from a swing high of $2,431 to a low of $2,151.

Source: ETHUSD on TradingView.com

A close above US$2,320 may lay the foundation for further gains. The next major obstacle for the bulls may be around 2,400 USD and then 2,420 USD. Any more gains may require testing of the $2,500 resistance level in the short term.

Dips limited to ETH?

If Ethereum fails to continue to rise above US$2,300 and US$2,320, it may start a new decline. The initial support for the downside is around $2,250.

The first major support is near the $2,220 level and the 100-hour simple moving average. The main support is now formed near the $2,200 level. Any more losses may cause the price to return to the $2,150 support area. If the bulls fail to protect the $2,150 support level, it is likely that there will be a greater decline. The next major support is near the $2,050 level.

Technical index

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 well above the 50 level.

Main support level-2,200 USD

Main resistance-2,320 USD

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