- 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 was a break above a major bearish trend line with resistance near $2,280 on the 4-hour chart (data feed from Coinbase).
- The pair could climb further if it stays above the $2,340 support zone.
Ethereum price is consolidating above the $2,350 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 days, Ethereum saw a decent increase from the $2,255 zone against the US Dollar. ETH price moved above the $2,300 and $2,340 levels to move into a positive zone.
There was a break above a major bearish trend line with resistance near $2,280 on the 4-hour chart. The price even cleared the 50% Fib retracement level of the last key drop from the $2,448 swing high to the $2,255 low. The price settled above the $2,350 level.
Ethereum is now trading above $2,375 and the 55 simple moving average (4 hours). On the downside, initial support is near the $2,225 level.
The next major support is now near the $2,340 level. A break below the $2,340 support could push the price to $2,300 or the 55 simple moving average (4 hours). Any more losses could lead the price toward $2,255 or even $2,150 in the coming days.
Immediate resistance on the upside is near the $2,400 level or 76.4% Fib retracement level of the last key drop from the $2,448 swing high to the $2,255 low. The next major resistance is near the $2,450 zone.
A clear move above the $2,450 level could send the price toward $2,550. Any more gains could even send the price toward the $2,600 resistance zone or $2,700 in the near term.
Looking at the chart, Ethereum price is clearly trading above the $2,350 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $2,340 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 – $2,340, followed by the $2,255 zone.
Key Resistance$ Levels – $2,400 and $2,450.
