Ethereum Price Aims for Key Upside: Can Bulls Push Past $2,400?
Ethereum price is again rising and trading above $2,320. ETH must clear the $2,400 resistance to gain bullish momentum in the near term.
- Ethereum is attempting a recovery wave above the $2,320 zone.
- The price is trading above $2,350 and the 100-hourly Simple Moving Average.
- There was a break above a short-term declining channel with resistance at $2,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,400 resistance to continue higher in the near term.
Ethereum Price Eyes Upside Break
Ethereum price remained supported above the $2,250 level. A base was formed, and the price started another increase above the $2,300 level like Bitcoin.
There was a break above a short-term declining channel with resistance at $2,350 on the hourly chart of ETH/USD. The pair even surpassed the $2,380 level, but it stayed below the $2,400 resistance level. A high is formed at $2,390 and the price is now consolidating.
It is trading near the 23.6% Fib retracement level of the upward move from the $2,278 swing low to the $2,390 high. Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $2,380 level. The first major resistance is near the $2,400 level. A close above the $2,400 level might send Ether toward the $2,450 resistance. The next key resistance is near $2,500. An upside break above the $2,500 resistance might call for more gains toward the $2,550 resistance zone in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,380 resistance, it could start another decline in the near term. Initial support on the downside is near $2,350. The first major support sits near the $2,330 zone or the 50% Fib retracement level of the upward move from the $2,278 swing low to the $2,390 high.
A clear move below the $2,330 support might push the price toward $2,250. Any more losses might send the price toward the $2,200 support level in the near term. The next key support sits at $2,120.
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 zone.
Major Support Level – $2,330
Major Resistance Level – $2,400
Related Articles
What Is Ethereum? Why Has the "Surpass Bitcoin" Slogan Disappeared? Is ETH Still Worth Investing In?
Ethereum is the world's largest smart contract platform, so many people insist that Ethereum's market value will surpass Bitcoin in the future. However, no one is talking about this topic anymore. Why has such a change occurred? What happened to Ethereum? What is its future?
Bitcoin and Ethereum could face major bull trap before sharp correction
A widely followed cryptocurrency analyst suggests that Bitcoin (BTC), Ethereum (ETH), and altcoins could be forming the bull trap that would soon lead to a bearish trend. The analyst, known as Capo, posted his analysis on his social media page on X, stating that the cryptocurrency market may soon ri
Bitcoin crashes to $80k as Ether tumbles below $2k. How low can prices get?
Bitcoin just collapsed to $80,000, wiping out over $200 billion from the crypto market in one of the worst single-day crashes over the past year, according to data from CoinGecko. Ether also crashed, tumbling below $2,000 to trade at $1,992, a level we haven’t seen in over six months. The sudden sel
The U.S. digital asset reserve: The quiet rise of the ‘Network State’ dollar
For years, Bitcoin maxis have preached the idea of a post-dollar world—a future where fiat collapses and decentralized currencies reign supreme. But what if we’ve been thinking about it backward? The U.S. doesn’t have to fight crypto to maintain control. It just has to absorb it.
