- Ethereum price is eyeing an upside break above the $2,400 resistance against the US Dollar.
- ETH price is now trading above $2,300 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $2,280 on the 4-hour chart (data feed from Coinbase).
- The pair could climb further if it stays above the $2,240 support zone.
Ethereum price is consolidating above the $2,240 level against the US Dollar. ETH/USD could rise again if it clears the $2,400 resistance zone.
Ethereum Price Analysis
In the past few sessions, Ethereum saw a decent increase from the $2,170 zone against the US Dollar. ETH price moved above the $2,200 and $2,220 levels to move into a positive zone.
The price even cleared the 50% Fib retracement level of the recent decline from the $2,391 swing high to the $2,239 low. The price settled above the $2,285 level. Ethereum is now trading above $2,300 and the 55 simple moving average (4 hours).
On the downside, initial support is near the $2,280 level. There is also a key bullish trend line forming with support near $2,280 on the 4-hour chart.
The next major support is now near the $2,240 level. A break below the $2,240 support could push the price to $2,200. Any more losses could lead the price toward $2,170 or even $2,120 in the coming days. Immediate resistance on the upside is near the $2,335 level.
The next major resistance is near the $2,355 zone or the 76.4% Fib retracement level of the recent decline from the $2,391 swing high to the $2,239 low.
The main resistance sits at $2,400. A clear move above the $2,400 level could send the price toward $2,500. Any more gains could even send the price toward the $2,620 resistance zone or $2,700 in the near term.
Looking at the chart, Ethereum price is clearly trading above the $2,280 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $2,240 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $2,240, followed by the $2,200 zone.
Key Resistance$ Levels – $2,355 and $2,400.
