Ethereum Price Holds 100 SMA But Needs To Clear This For More Gains

Ethereum Price Holds 100 SMA But Needs To Clear This For More Gains

Ethereum price is consolidating above $2,250. ETH could start a fresh increase if there is a clear move above the $2,320 resistance zone.

  • Ethereum started a fresh increase above the $2,200 and $2,220 levels.
  • The price is trading above $2,240 and the 100-hourly Simple Moving Average.
  • There is a key rising channel with support near $2,275 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a steady increase if there is a close above $2,320 and $2,350.

Ethereum Price Eyes More Upsides

Ethereum price started a steady increase above the $2,180 resistance. ETH gained bullish momentum after there was a close above the $2,200 resistance.

The price even spiked above the $2,300 level and settled above the 100-hourly Simple Moving Average. A high was formed near $2,332 and the price is consolidating gains. There was a minor bearish wave below the $2,300 level. However, Ethereum is still above $2,240 and the 100-hourly Simple Moving Average.

There is also a key rising channel with support near $2,275 on the hourly chart of ETH/USD. The channel support and the 100 hourly SMA are close to the 23.6% Fib retracement level of the upward move from the $1,980 swing low to the $2,332 high.

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $2,320 level. The next key resistance is near the $2,350 level. The main resistance is still near $2,400. A clear move above the $2,400 zone could send the price toward the $2,500 level. The next resistance sits at $2,520. Any more gains could start a wave toward the $2,580 level.

Fresh Decline in ETH?

If Ethereum fails to clear the $2,320 resistance, it could start a fresh decline. Initial support on the downside is near the $2,275 level or the 100-hourly Simple Moving Average and the channel trend line. The next key support is $2,165.

The main support is now near $2,120 or the 61.8% Fib retracement level of the upward move from the $1,980 swing low to the $2,332 high. A downside break below $2,120 might start another major decline. In the stated case, Ether could revisit the $2,000 support.

Technical Indicators

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

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

Major Support Level – $2,275

Major Resistance Level – $2,320

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.

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