Ethereum Trails Bitcoin, But Bullish Momentum Gains Strength
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Ethereum price started a fresh upward move above the $2,335 resistance. ETH is now aiming for more upsides above the $2,420 resistance.
Ethereum started another increase from the $2,280 resistance.
The price is trading above $2,350 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2,310 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,420 resistance to continue higher in the near term.
Ethereum Price Aims Higher
Ethereum price formed a base near $2,280 and started a fresh increase like Bitcoin. ETH was able to clear the $2,320 and $2,350 resistance levels.
BTC gained over 5% but ETH struggled to match the strength. It cleared the 76.4% Fib retracement level of the downward wave from the $2,392 swing high to the $2,277 low. It even traded above the $2,392 high and is now showing positive signs.
Ethereum price is now trading above $2,350 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,310 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,420 level. It is close to the 1.236 Fib extension level of the downward wave from the $2,392 swing high to the $2,277 low. The first major resistance is near the $2,450 level. The next key resistance is near $2,550.
An upside break above the $2,550 resistance might call for more gains. In the stated case, Ether could rise toward the $2,650 resistance zone in the near term. The next hurdle sits near the $2,720 level or $2,750.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,420 resistance, it could start another decline in the near term. Initial support on the downside is near $2,365. The first major support sits near the $2,310 zone and the trend line zone.
A clear move below the $2,310 support might push the price toward $2,280. Any more losses might send the price toward the $2,220 support level in the near term. The next key support sits at $2,150.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,310
Major Resistance Level – $2,420
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