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Ethereum Price Reaches Key Juncture – Can Bulls Pump ETH To $2,500? Trending Crypto News

Ethereum Price
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Ethereum price is still struggling to clear the $2,265 resistance while Bitcoin extended gains. ETH could rally if there is a close above $2,265 and then $2,320.

  • Ethereum is still struggling to gain pace for a move above the $2,265 resistance zone.
  • The price is trading above $2,220 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support near $2,180 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a strong increase if there is a close above $2,265 and $2,320.

Ethereum Price Aims Higher

Ethereum price managed to stay above the $2,200 support zone. The bulls protected a major downside break and pushed the price above the $2,220 level.

There was a push above the $2,250 level, but the bears are still active near the $2,265 resistance zone. A high was formed near $2,264 and the price is now consolidating gains near the 23.6% Fib retracement level of the recent increase from the $2,155 swing low to the $2,264 high.

Ethereum is now trading above $2,220 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,180 on the hourly chart of ETH/USD.

On the upside, the price is facing resistance near the $2,265 level. A close above the $2,265 barrier could start a decent increase. The next key resistance is near the $2,320 level. A clear move above the $2,320 zone could send the price toward the $2,400 level.

Source: ETHUSD on TradingView.com

The next resistance sits at $2,420. Any more gains could start a wave toward the $2,500 level, above which Ethereum might rally and test the $2,550 zone.

Another Rejection in ETH?

If Ethereum fails to clear the $2,265 resistance, it could start another decline. Initial support on the downside is near the $2,220 level and the 100 hourly SMA.

The first key support could be the $2,180 zone and the trend line. A downside break and a close below $2,180 might send the price further lower. In the stated case, Ether could revisit the $2,120 support. Any more losses might send the price toward the $2,000 level in the coming sessions.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,180

Major Resistance Level – $2,265

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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