Ethereum Price Tracks Bitcoin Rally, Targets Crucial Break Higher

Ethereum price started a fresh increase and remained stable above $2,350. ETH is now consolidating and might aim for more gains if it clears $2,400.

• Ethereum started a steady increase above the $2,350 zone.
• The price is trading above $2,365 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $2,340 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it stays above the $2,320 zone.

Ethereum Price Aims for Fresh Gains

Ethereum price managed to stay above the $2,300 support and started a fresh increase, like Bitcoin. ETH price gained pace for a move above $2,320 and $2,350.

The price even climbed toward $2,365. A high was formed at $2,387, and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,220 swing low to the $2,387 high.

Ethereum price is now trading above $2,350 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $2,340 on the hourly chart of ETH/USD,

If the bulls remain in action above $2,350, the price could attempt another increase. Immediate resistance is seen near the $2,385 level. The first key resistance is near the $2,400 level. The next major resistance is near the $2,420 level. A clear move above the $2,420 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 $2,350 level. The first major support sits near the $2,340 zone and the trend line.

A clear move below the $2,340 support might push the price toward the $2,300 support or the 50% Fib retracement level of the upward move from the $2,220 swing low to the $2,387 high. Any more losses might send the price toward the $2,260 region. The main support could be $2,220.

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 zone.

Major Support Level – $2,340

Major Resistance Level – $2,400