Ethereum Price Gears Up, Another Increase Could Be Imminent

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum price started a fresh increase and remained stable above $2,320. ETH is now consolidating and might aim for more gains if it clears $2,380. Ethereum started a steady increase above the $2,300 zone. The price is trading above $2,320 and the 100-hourly Simple Moving Average. There is a contracting triangle forming with resistance at $2,380 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it stays above the $2,400 zone. Ethereum Price Aims Fresh Increase Ethereum price managed to stay above the $2,220 support and started a fresh increase, like Bitcoin . ETH price gained pace for a move above $2,250 and $2,300. The last swing high was formed at $2,417 before there was a downside correction. The price dipped below the $2,350 level. There was a move below the 38.2% Fib retracement level of the upward move from the $2,180 swing low to the $2,417 high. Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average . If the bulls remain in action above $2,300, the price could attempt another increase. Immediate resistance is seen near the $2,365 level. The first key resistance is near the $2,380 level. There is also a contracting triangle forming with resistance at $2,380 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The next major resistance is near the $2,400 level. A clear move above the $2,400 resistance might send the price toward the $2,440 resistance. An upside break above the $2,440 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,380 resistance, it could start a downside correction. Initial support on the downside is near the $2,330 level. The first major support sits near the $2,295 zone or the 50% Fib retracement level of the upward move from the $2,180 swing low to the $2,417 high. A clear move below the $2,295 support might push the price toward the $2,265 support. Any more losses might send the price toward the $2,230 region. The main support could be $2,200. 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 zone. Major Support Level – $2,295 Major Resistance Level – $2,380