Ethereum Price: A Fresh Upward Movement

The price of Ethereum (ETH) has embarked on a new upward trajectory, surpassing the significant resistance level of $2,335. Currently, the market is poised for potential gains targeting the next resistance threshold of $2,420.

• Ethereum has initiated another upward increase from the resistance level of $2,280.
• The price is currently trading above $2,350 and is consistently above the crucial 100-hour Simple Moving Average.
• A key bullish trend line is emerging, providing support at $2,310 within the hourly chart of ETH/USD (data sourced from Kraken).
• For Ethereum to continue its upward movement in the short run, it needs to break through the resistance of $2,420.

The Outlook for Ethereum’s Price Movement

Having formed a solid base around $2,280, Ethereum commenced a renewed increase reminiscent of Bitcoin’s trajectory. ETH successfully breached both the $2,320 and $2,350 resistance levels, showcasing its potential for upward growth.

While Bitcoin experienced a significant gain of over 5%, Ethereum struggled to demonstrate the same level of strength. Nevertheless, ETH successfully crossed the 76.4% Fibonacci retracement level from its downward wave, moving from the swing high of $2,392 to the low of $2,277. It has even traded above the $2,392 mark and is currently showcasing positive indicators for further growth.

Presently, Ethereum’s price trades above $2,350, maintaining a position well above the critical 100-hourly Simple Moving Average. Additionally, an important bullish trend line is forming, with robust support at $2,310 on the hourly chart of ETH/USD. This positive trend suggests that Ethereum may indeed have more room for advancement.

Resistance Levels and Potential Upside

However, the journey upward may encounter significant hurdles near the $2,420 resistance level. This point is coinciding closely with the 1.236 Fibonacci extension of the downward wave from the $2,392 swing high down to the $2,277 low. If Ethereum manages to clear this primary resistance, further resistance levels can be anticipated around $2,450, and even subsequently at $2,550.

– Should the price break above the resistance at $2,550, it could herald even larger gains for Ethereum, pushing the cryptocurrency toward the resistance zone at $2,650 in the near future. The subsequent resistance points would then likely be at the $2,720 or $2,750 levels.

The Need for Caution: Are Dips Supported in ETH?

In the event that Ethereum cannot surpass the resistance level of $2,420, it could trigger a new decline in the short term. Initial support will likely be observed near the $2,365 level. The primary major support is calculated to be near the $2,310 zone, coinciding closely with the trend line support area.

Should the price make a clear move below the $2,310 support, it could potentially push Ethereum’s value down to around $2,280. Any further losses could drag the price closer to the $2,220 support level, with the next key support anticipated at $2,150.

Technical Indicators to Monitor

Hourly MACD – The Moving Average Convergence Divergence (MACD) for ETH/USD is gathering momentum within a bullish territory.

Hourly RSI – The Relative Strength Index (RSI) for ETH/USD has now positioned itself above the 50 threshold, indicating stronger bullish momentum.

In summary:

Major Support Level – $2,310

Major Resistance Level – $2,420

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