Ethereum price climbed higher above the $2,350 resistance. ETH outpaced Bitcoin and might even attempt a clear move above the $2,400 resistance.

• Ethereum is attempting a fresh increase above the $2,350 resistance level.
• The price is trading above $2,320 and the 100-hourly Simple Moving Average.
• There is a key rising channel forming with support near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh surge if there is a close above the $2,400 level.

Ethereum Price Starts Increase

Ethereum price formed a base above the $2,220 level and started a fresh increase. ETH saw a sharp upward move despite a drop in Bitcoin below $46,500. The price gained pace for a move above the $2,300 and $2,320 levels.

It even broke the $2,350 resistance and tested the $2,400 zone. A high was formed near $2,399 and the price is now consolidating gains. There was a minor drop below $2,360. The price declined below the 23.6% Fib retracement level of the recent increase from the $2,243 swing low to the $2,399 high.

Ethereum is now trading above $2,320 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support near $2,300 on the hourly chart of ETH/USD.

If there is a fresh increase, the price might face resistance near the $2,380 level. The next major resistance is now near $2,400. A clear move above the $2,400 level might send ETH toward $2,440. A close above the $2,440 resistance could start a decent upward move.

Source: ETHUSD on TradingView.com

The next key resistance is near $2,550. If the bulls push Ethereum above $2,550, there could be a rally toward $2,720. Any more gains might send the price toward the $2,800 zone.

Another Decline in ETH?

If Ethereum fails to clear the $2,400 resistance, it could start a fresh decline. Initial support on the downside is near the $2,320 level or the 50% Fib retracement level of the recent increase from the $2,243 swing low to the $2,399 high.

The first key support could be the $2,300 zone. A downside break and a close below $2,300 might send the price further lower. In the stated case, Ether could test the $2,240 support. Any more losses might send the price toward the $2,150 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 – $2,300

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-price-surge-above-2400/