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Ethereum price extended its rally above the $2,250 resistance. ETH is up over 10% and could continue to rise towards the $2,500 resistance.
- Ethereum is showing positive signs and recently broke above the $2,300 resistance.
- The price is trading above $2,250 and the 100 hourly simple moving average.
- A major bullish trendline is forming with support near $2,250 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could extend its rally if it breaks the $2,320 resistance zone.
Ethereum price extends rally
Ethereum price remained in a positive zone above $2,120, similar to Bitcoin. ETH extended its rally above the $2,200 and $2,250 resistance levels. The bulls remained in action and the price climbed above $2,300.
A new multi-month high formed near $2,316 and the price is currently correcting gains. There was a move below the $2,300 level. The price is now testing the 23.6% Fibonacci retracement level of the upward move from the $2,188 low to $2,316 high.
Ethereum is now trading above $2,250 and the 100 hourly simple moving average. Furthermore, a major bullish trendline is forming with support near $2,250 on the ETH/USD hourly chart.
Source: ETHUSD on TradingView.com
On the upside, the price faces resistance near the $2,320 area. The next key resistance is near the $2,350 level. A sharp move above the $2,350 area could push the price towards the $2,420 level. The next resistance lies at $2,450. Any further gains could trigger a wave towards the $2,500 level.
Are drops supported in ETH?
If Ethereum fails to clear the $2,320 resistance, it could trigger a downward correction. Initial downside support is near the $2,265 level.
The next key support is $2,250 and the trendline. It is near the 50% Fibonacci retracement level of the upward move from the $2,188 low to $2,316 high. Main support is now near $2,200 or the 100 hourly simple moving average. A downside break below $2,200 could begin an extended decline. Key support now lies at $2,120, below which there is a risk of a move towards the $2,080 level in the near term.
Technical indicators
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 – $2,200
Major Resistance Level – $2,320
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