Ethereum price gained traction and climbed above $2,350. ETH is now showing positive signs and might extend gains toward the $2,500 level.
- Ethereum is gaining bullish momentum above the $2,350 zone.
- The price is trading above $2,320 and the 100-hourly Simple Moving Average.
- There was a break above a key rising channel forming with resistance near $2,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might correct lower, but dips could be limited below the $2,335 support zone.
Ethereum Price Turns Green
Ethereum price formed a base above the $2,220 level and started a decent increase. ETH outperformed Bitcoin and was able to clear a few hurdles near the $2,350 level.
There was a break above a key rising channel forming with resistance near $2,350 on the hourly chart of ETH/USD. The bulls pumped the pair toward the $2,400 level. A high was formed near $2,389 and the price is now consolidating gains.
Another Drop in ETH?
If Ethereum fails to clear the $2,380 resistance, it could start a downside correction. Initial support on the downside is near the $2,350 level and the channel trend line.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,335 Major Resistance Level – $2,380