Ethereum Price Rejected at $2,400, Is Another Breakout Attempt Coming?
Ethereum price started a fresh surge and traded 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 $2,220 zone.
- The price is trading above $2,300 and the 100-hourly Simple Moving Average.
- There was a break below a rising channel with support at $2,385 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it stays above the $2,300 zone.
Ethereum Price Fails To Clear $2,400
Ethereum price managed to stay above the $2,200 support and started a fresh increase, like Bitcoin. ETH price gained pace for a move above $2,220 and $2,280.
The bulls pumped the price above the $2,365 resistance. A high was formed at $2,417, and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $2,180 swing low to the $2,416 high.
Ethereum price is now trading above $2,300 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,300, the price could attempt another increase.
Immediate resistance is seen near the $2,360 level. The first key resistance is near the $2,380 level. The next major resistance is near the $2,400 level. A clear move above the $2,400 resistance might send the price toward the $2,480 resistance. An upside break above the $2,480 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 $2,620 in the near term.
More Downside 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 $2,320 level. The first major support sits near the $2,300 zone.
A clear move below the $2,300 support might push the price toward the $2,270 support and the 61.8% Fib retracement level of the upward move from the $2,180 swing low to the $2,416 high. Any more losses might send the price toward the $2,220 region. The main support could be $2,180.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,270
Major Resistance Level – $2,400
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