Ethereum Price Rebounds Strongly, Clears $2,350 Resistance With 8% Gain

Ethereum price started a fresh increase from the $2,120 zone. ETH is now up over 8% and might face resistance near the $2,460 zone.

• Ethereum started a fresh upward move above the $2,200 level.
• The price is trading above $2,250 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $2,240 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it settles above the $2,460 resistance zone in the near term.

Ethereum Price Regains Traction

Ethereum price started a fresh increase from the $2,120 support level, like Bitcoin. ETH price was able to clear the $2,200 and $2,250 resistance levels to move into a positive zone.

Besides, there was a break above a key bearish trend line with resistance at $2,240 on the hourly chart of ETH/USD. The bulls even pushed the price above the 61.8% Fib retracement level of the downward move from the $2,568 swing high to the $2,114 low.

Ethereum price is now trading above $2,300 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $2,440 level. The next key resistance is near the $2,460 level. It is close to the 76.4% Fib retracement level of the downward move from the $2,568 swing high to the $2,114 low.

The first major resistance is near the $2,500 level. A clear move above the $2,500 resistance might send the price toward the $2,550 resistance. An upside break above the $2,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,620 resistance zone or even $2,650 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,460 resistance, it could start a fresh decline. Initial support on the downside is near the $2,340 level. The first major support sits near the $2,320 zone.

A clear move below the $2,320 support might push the price toward the $2,250 support. Any more losses might send the price toward the $2,150 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 – $2,320

Major Resistance Level – $2,460