Ethereum Price Analysis

Ethereum price started a fresh increase above the $2,480 zone. ETH is now consolidating gains and might soon aim for a move above the $2,520 resistance.

• Ethereum started a fresh upward move above the $2,450 level.
• The price is trading above $2,450 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $2,440 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains stable above the $2,420 zone in the near term.

Ethereum Price Eyes More Gains

Ethereum price started a fresh increase above the $2,420 support level, similar to Bitcoin. ETH price cleared the $2,450 and $2,480 resistance levels, moving into a positive zone.

The bulls even pushed the price above the $2,500 zone, forming a high at $2,523. The price is now consolidating gains above the 23.6% Fib retracement level from the $2,394 swing low to the $2,523 high.

Ethereum is now trading above $2,450 and the 100-hourly Simple Moving Average. A key bullish trend line is forming with support at $2,440 on the hourly chart of ETH/USD.

On the upside, resistance is near the $2,520 level with the next key resistance at $2,550. A clear move above $2,580 might increase the price toward the $2,650 resistance. An upside break above $2,650 could lead Ether toward the $2,720 resistance zone or even $2,800.

Downside Correction In ETH?

If Ethereum fails to clear the $2,520 resistance, a fresh decline may begin. Initial support is near the $2,480 level, with major support at $2,460 or the 50% Fib retracement level of the upward move from the $2,394 swing low to the $2,523 high.

A clear move below $2,460 might push the price toward the $2,440 support. Further losses could see the price drop to the $2,400 support level, followed by the next key support at $2,350.

Technical Indicators

• Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
• Hourly RSI: The RSI for ETH/USD is above the 50 zone.

Major Support Level: $2,440
Major Resistance Level: $2,520