Ethereum price extended its rally above the $2,250 resistance. ETH is up over 10% and might continue to rise toward the $2,500 resistance.
- Ethereum is showing positive signs and recently surpassed the $2,300 resistance.
- The price is trading above $2,250 and the 100-hourly Simple Moving Average.
- There is a major bullish trend line forming with support near $2,250 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its rally if it clears the $2,320 resistance zone.
Ethereum Price Extends Rally
Ethereum price remained in a positive zone above $2,120, like Bitcoin. ETH extended its rally above the $2,200 and $2,250 resistance levels. The bulls remained action and the price spiked above $2,300.
A new multi-month high was formed near $2,316 and the price is now correcting gains. There was a move below the $2,300 level. The price is now testing the 23.6% Fib retracement level of the upward move from the $2,188 swing low to the $2,316 high.
Ethereum is now trading above $2,250 and the 100-hourly Simple Moving Average. Besides, there is a major bullish trend line forming with support near $2,250 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $2,320 zone. The next key resistance is near the $2,350 level. A clear move above the $2,350 zone could send the price toward the $2,420 level. The next resistance sits at $2,450. Any more gains could start a wave toward the $2,500 level.
Are Dips Supported in ETH?
If Ethereum fails to clear the $2,320 resistance, it could start a downside correction. Initial support on the downside is near the $2,265 level.
The next key support is $2,250 and the trend line. It is near the 50% Fib retracement level of the upward move from the $2,188 swing low to the $2,316 high. The main support is now near $2,200 or the 100-hourly Simple Moving Average. A downside break below $2,200 might start an extended decline. The key support is now at $2,120, below which there is a risk of a move toward the $2,080 level in the near term.
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 level.
Major Support Level – $2,200
Major Resistance Level – $2,320
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