Ethereum price is holding gains above the $2,300 level. ETH could gain bullish momentum if it clears the $2,380 resistance zone.
- Ethereum is showing positive signs but facing hurdles near $2,400.
- The price is trading above $2,320 and the 100-hourly Simple Moving Average.
- There is a key contracting triangle forming with resistance at $2,365 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,400 resistance to continue higher in the near term.
Ethereum Price Aims $2,500
Ethereum price seems to be forming a base above the $2,250 level like Bitcoin. Recently, there was a decent increase above the $2,350 level but the price struggled near $2,400.
A high was formed at $2,390 and the price is now consolidating. There was a minor decline below the $2,350 level. The price dipped below the 50% Fib retracement level of the upward wave from the $2,278 swing low to the $2,390 high.
Another Drop In ETH?
If Ethereum fails to clear the $2,400 resistance, it could start another decline in the near term. Initial support on the downside is near $2,320. The first major support sits near the $2,300 zone. A clear move below the $2,300 support might push the price toward $2,250. Any more losses might send the price toward the $2,200 support level in the near term. The next key support sits at $2,120. Technical IndicatorsHourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,320 Major Resistance Level – $2,400
