Home CryptocurrencyAnalysis Ethereum Price Faces Big Move – Can Bulls Send ETH to $2,500?

Ethereum Price Faces Big Move – Can Bulls Send ETH to $2,500?

by SuperiorInvest

Ethereum price gained ground and rose above $2,350. ETH is now showing positive signs and could extend the gains towards the $2,500 level.

  • Ethereum is gaining bullish momentum above the $2,350 area.
  • The price is trading above $2,320 and the 100 hourly simple moving average.
  • There was a break above a key ascending channel forming with resistance near $2,350 on the hourly chart of ETH/USD (data via Kraken).
  • The pair could correct lower but declines could be limited below the $2,335 support zone.

Ethereum price turns green

Ethereum price formed a base above the $2220 level and started a decent rise. ETH outperformed Bitcoin and was able to overcome some hurdles near the $2,350 level.

There was a break above a key ascending channel forming with resistance near $2,350 on the hourly chart of ETH/USD. The bulls pushed the pair towards the $2,400 level. A high was formed near $2,389 and the price is now consolidating gains.

There was a small drop below the $2,365 level. Ether fell below the 23.6% Fibonacci retracement level of the recent rise from the low of $2,282 to the high of $2,389.

Ethereum is now trading above $2,320 and the 100 hourly simple moving average. On the upside, the first major resistance is near the $2,380 level. The next major resistance is near $2,420, above which the price could rise and test the resistance of $2,485.

Source: ETHUSD on TradingView.com

If the bulls remain in action, they could even lift the price above the $2,550 resistance. In the indicated case, the price could rise towards the $2,550 level.

Another drop in ETH?

If Ethereum fails to overcome the $2,380 resistance, it could start a downward correction. Initial support on the downside is near the $2,350 level and the channel trend line.

The next key support could be the $2,335 area or the 50% Fibonacci retracement level of the recent rise from the low of $2,282 to the high of $2,389. A clear move below the $2,335 support could send the price towards $2,250. The main support could be $2,220. Any further losses could send the price towards the $2,120 level.

Technical Indicators

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

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

Main Support Level: $2,335

Main Resistance Level: $2,380

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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