Ethereum price is gaining pace above the $2,200 resistance. ETH is up over 8% and might continue to rise toward the $2,500 resistance in the coming days. ETH may rise to $2,500, extending bull run by 5%.
Ethereum is gaining pace and recently surpassed the $2,250 resistance.
The price is trading above $2,200 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $2,225 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its rally if it clears the $2,275 resistance zone.
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Ethereum Price Follows Bitcoin
Ethereum's price experienced a significant increase, surpassing the $2,000 mark, much like Bitcoin. It successfully cleared multiple obstacles around $2,120, entering a positive territory. Furthermore, the price surged above $2,200, indicating the potential for further growth.
Following this surge, Ethereum reached a new multi-month high around $2,275 and is currently consolidating its gains. Although there was a minor dip below the 23.6% Fibonacci retracement level, which measures the upward movement from the $2,148 swing low to the $2,275 high, Ethereum continues to trade above $2,200 and the 100-hourly Simple Moving Average.
Additionally, there is a prominent bullish trend line forming with support around $2,225 on the hourly chart of ETH/USD. On the upside, the price is currently encountering resistance near the $2,250 zone.
The next key resistance is near the $2,275 level. A clear move above the $2,275 zone could send the price toward the $2,320 level. The next resistance sits at $2,350. Any more gains could start a wave toward the $2,500 level.
Are Dips Limited in ETH?
If Ethereum fails to clear the $2,250 resistance, it could start a downside correction. Initial support on the downside is near the $2,220 level and the trend line.
The next key support is $2,175 or the 76.4% Fib retracement level of the upward move from the $2,148 swing low to the $2,275 high. The main support is now near $2,150 or the 100-hourly Simple Moving Average. A downside break below $2,150 might start a steady decline. The key support is now at $2,080, below which there is a risk of a move toward the $2,020 level in the near term.
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 above the 50 level.
Major Support Level – $2,175
Major Resistance Level – $2,250
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.