Ethereum price is consolidating above the $2,250 zone. ETH could start a decent increase if it clears the $2,340 and $2,380 resistance levels.
- Ethereum is struggling to gain pace for a move above the $2,350 zone.
- The price is trading above $2,300 and the 100-hourly Simple Moving Average.
- There is a short-term rising channel forming with resistance near $2,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might start a fresh increase if it manages to clear the $2,350 resistance zone.
Ethereum Price Eyes Fresh Increase
Ethereum price remained in a range below the $2,350 resistance zone. ETH traded lower below $2,320, but the bulls were active near the $2,280 support zone.A low was formed near $2,282 and the price is now attempting a fresh increase in a range, like Bitcoin. There was a move above the $2,300 resistance zone and the 100-hourly Simple Moving Average. The price even cleared the 61.8% Fib retracement level of the recent decline from the $2,334 swing high to the $2,282 low.
Ethereum is now trading above $2,300 and the 100-hourly Simple Moving Average. There is also a short-term rising channel forming with resistance near $2,350 on the hourly chart of ETH/USD.
On the upside, the first major resistance is near the $2,325 level or the 76.4% Fib retracement level of the recent decline from the $2,334 swing high to the $2,282 low. The next major resistance is near $2,350, above which the price might rise and test the $2,380 resistance.
Another Decline in ETH?
If Ethereum fails to clear the $2,350 resistance, it could start another decline. Initial support on the downside is near the $2,280 level and the channel trend line.Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,240 Major Resistance Level – $2,350
