Credit: Original article published by newsbtc.

Ethereum remained well bid and it climbed above the $2,400 level against the US Dollar. ETH price is showing positive signs and it might soon surge above USD 2,500.

  • Ethereum gained pace and it cleared the $2,350 resistance zone.
  • The price is now trading well above $2,350 and the 100 hourly simple moving average.
  • There was a break above a key declining channel with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is showing positive signs and it is likely to continue higher above $2,450.

Ethereum Price Remains In Uptrend

Ethereum found support near the $2,240 level and recently started a fresh increase. ETH broke a few important hurdles near $2,300 to move into a bullish zone.

There was also a break above a key declining channel with resistance near $2,300 on the hourly chart of ETH/USD. The bulls gained strength and they were able to pump the price above the $2,350 level. The price is now trading well above $2,350 and the 100 hourly simple moving average.

There was also a break above the $2,400 level and the price traded as high as $2,469. It is now correcting lower below $2,440. There was a break below the 23.6% Fib retracement level of the recent increase from the $2,238 low to $2,469 high.

Source: ETHUSD on TradingView.com

Ether is now finding bids near the $2,350 level. It is close to the 50% Fib retracement level of the recent increase from the $2,238 low to $2,469 high. The current price action is positive and it seems like the price might surge again above $2,440 and $2,450.

The next key resistance is near the $2,500 level, above which ether price is likely to set a new all-time high in the coming days.

Downsides Limited in ETH?

If Ethereum fails to clear the $2,450 and $2,500 resistance levels, it could correct lower. An initial support on the downside is near the $2,380 level.

The first support is now forming near the $2,350 level. If ether fails to stay above the $2,350 support, it could test the 100 hourly simple moving average. Any more losses might call for a test of the $2,250 support.

Technical Indicators

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

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

Major Support Level – $2,350

Major Resistance Level – $2,450

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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