Ethereum price climbed higher above the $2,350 resistance. ETH outpaced Bitcoin and might even attempt a clear move above the $2,400 resistance.
- Ethereum is attempting a fresh increase above the $2,350 resistance level.
- The price is trading above $2,320 and the 100-hourly Simple Moving Average.
- There is a key rising channel forming with support near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh surge if there is a close above the $2,400 level.
Ethereum Price Starts Increase
Ethereum price formed a base above the $2,220 level and started a fresh increase. ETH saw a sharp upward move despite a drop in Bitcoin below $46,500. The price gained pace for a move above the $2,300 and $2,320 levels.
It even broke the $2,350 resistance and tested the $2,400 zone. A high was formed near $2,399 and the price is now consolidating gains. There was a minor drop below $2,360. The price declined below the 23.6% Fib retracement level of the recent increase from the $2,243 swing low to the $2,399 high.Another Decline in ETH?
If Ethereum fails to clear the $2,400 resistance, it could start a fresh decline. Initial support on the downside is near the $2,320 level or the 50% Fib retracement level of the recent increase from the $2,243 swing low to the $2,399 high.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 – $2,300 Major Resistance Level – $2,400