Ethereum price is eyeing an upside break above the $2,440 resistance. ETH could rally like Bitcoin if there is a close above the $2,500 level.

• Ethereum is moving higher from the $2,250 support level.
• The price is trading above $2,350 and the 100-hourly Simple Moving Average.
• There was a break above a major bearish trend line with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could accelerate higher if there is a clear move above $2,400 and $2,440.

Ethereum Price Eyes Key Upside Break

Ethereum price found support near the $2,250 level and recently started a fresh increase. ETH managed to recover after Bitcoin pumped above the $44,400 resistance zone.

The price cleared the $2,300 and $2,320 resistance levels. There was also a break above a major bearish trend line with resistance near $2,300 on the hourly chart of ETH/USD. The pair climbed above the 61.8% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.

Bitcoin is now trading above $2,350 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,400 level. It is close to the 76.4% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.

Source: ETHUSD on TradingView.com

The first major resistance is now near $2,445. A close above the $2,445 resistance could send the price toward $2,500. The next key resistance is near $2,550. If the bulls remain in action and push ETH above $2,550, there could be a drift toward $2,620. The next resistance sits at $2,650, above which Ethereum might rally and test the $2,800 zone.

Another Decline in ETH?

If Ethereum fails to clear the $2,400 resistance, it could start another decline. Initial support on the downside is near the $2,350 level.

The first key support could be the $2,320 zone. A downside break and a close below $2,320 might start another major decline. In the stated case, Ether could test the $2,250 support. Any more losses might send the price toward the $2,120 level.

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 level.

Major Support Level – $2,320

Major Resistance Level – $2,400

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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• Source: https://www.newsbtc.com/analysis/eth/ethereum-bulls-sight-high-2024/