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Ethereum Price Climbs Gradually, Can Bulls Break $2,400 Barrier?
TL;DR
Ethereum price is steadily increasing, currently above $2,365 and aiming to break the $2,400 barrier. It has formed a high at $2,404 while consolidating gains above key support levels.
Key points
- Ethereum price started a fresh increase above $2,365
- Price is trading above $2,370 and the 100-hourly Simple Moving Average
- There was a break above a contracting triangle with resistance at $2,320
- ETH could continue to move up if it stays above the $2,330 zone
- A high was formed at $2,404 while consolidating gains
Ethereum price started a fresh increase and remained stable above $2,365. ETH is now consolidating and might aim for more gains if it clears $2,400.
- Ethereum started a steady increase above the $2,365 zone.
- The price is trading above $2,370 and the 100-hourly Simple Moving Average.
- There was a break above a contracting triangle with resistance at $2,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it stays above the $2,330 zone.
Ethereum Price Aims for Fresh High Above $2,420
Ethereum price managed to stay above the $2,320 support and started a fresh increase, like Bitcoin. ETH price gained pace for a move above $2,350 and $2,365.
There was a break above a contracting triangle with resistance at $2,320 on the hourly chart of ETH/USD. The price even climbed toward $2,400. A high was formed at $2,404, and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,286 swing low to the $2,404 high.
Ethereum price is now trading above $2,370 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,330, the price could attempt another increase. Immediate resistance is seen near the $2,400 level.
Source: ETHUSD on TradingView.com
The first key resistance is near the $2,420 level. The next major resistance is near the $2,450 level. A clear move above the $2,450 resistance might send the price toward the $2,500 resistance. An upside break above the $2,500 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,565 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,400 resistance, it could start a downside correction. Initial support on the downside is near the $2,345 level or the 50% Fib retracement level of the upward move from the $2,286 swing low to the $2,404 high. The first major support sits near the $2,330 zone.
Q&A
What is the current price of Ethereum and its recent performance?
Ethereum is currently trading above $2,370, having recently increased from $2,365 and forming a high at $2,404.
What key levels should Ethereum maintain to continue its upward trend?
Ethereum needs to stay above the $2,330 zone to potentially continue moving upwards.
What technical indicators suggest Ethereum might break the $2,400 barrier?
Ethereum has broken above a contracting triangle with resistance at $2,320 and is consolidating above the 100-hourly Simple Moving Average.
