HomeAltcoin NewsEthereum Price Analysis: ETH Could Rally Above $2,400

Ethereum Price Analysis: ETH Could Rally Above $2,400

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  • 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.

Ethereum Price

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.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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