Ethereum’s price surged past the $2,280 resistance level, suggesting potential bullish momentum if it successfully surpasses the $2,330 resistance barrier.
- Ethereum initiated a notable rise above the $2,250 resistance area.
- The price is currently above both $2,280 and the 100-hourly Simple Moving Average.
- On the ETH/USD hourly chart sourced from Kraken, a breakout occurred above a descending bearish trend line, which had resistance around $2,260
Clearing the $2,325 resistance zone could pose a challenge for the pair, potentially leading to a correction lower.
Ethereum’s price returns to confront resistance.
Ethereum’s price saw a notable rise above the $2,250 resistance level, following Bitcoin’s lead in initiating a steady recovery. The bulls managed to surpass the $2,280 and $2,300 resistance levels, marking a significant advancement. On the ETH/USD hourly chart, a descending bearish trend line with resistance around $2,260 was broken, signaling a positive shift. This resulted in a new weekly high around $2,327, with the price currently consolidating its gains.
Currently, it is trading beyond the 23.6% Fibonacci retracement level, calculated from the upward movement between the $2,234 swing low and the $2,327 high. Ethereum’s price is also positioned above both $2,280 and the 100-hourly Simple Moving Average.
source: ETHUSD on TradingView.com
To the upside, the initial significant barrier stands around the $2,330 mark, followed by another major hurdle near $2,350. Should the price breach this level, it could potentially ascend to test the $2,420 resistance. Further upward momentum might lead the bulls to target $2,450. A decisive breakthrough above $2,450 could initiate a notable uptrend, potentially propelling the price towards the $2,550 level.
Could Ethereum Experience Another Bearish Wave?
If Ethereum fails to surpass the $2,330 resistance, it may trigger a downward trend. Initial downside support lies around the $2,300 mark. Subsequently, the $2,280 zone or the 50% Fibonacci retracement level could act as crucial support, with a daily close below $2,280 potentially signaling a significant decline towards the $2,200 support. Further losses could lead to a test of the $2,120 level. Regarding technical indicators, the hourly MACD indicates waning bullish momentum, while the hourly RSI is currently above the 50 level.
If Ethereum fails to surpass the $2,330 resistance, it may trigger a downward trend. Initial downside support lies around the $2,300 mark. Subsequently, the $2,280 zone or the 50% Fibonacci retracement level could act as crucial support, with a daily close below $2,280 potentially signaling a significant decline towards the $2,200 support. Further losses could lead to a test of the $2,120 level. Regarding technical indicators, the hourly MACD indicates waning bullish momentum, while the hourly RSI is currently above the 50 level.
Support:
- Initial: $2,300
- Resistance Major: $2,280
- Major: $2,330
