Ethereum Price Breaks $2,200, More Upsides Left In This Leg?

Ethereum price jumped above the $2,100 level and cleared $2,200. ETH is gaining pace and might surge further above the $2,220 level.

• Ethereum is showing a lot of positive signs and recently cleared the $2,200 resistance.
• The price is trading above $2,150 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support near $2,190 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could extend its rally if it clears the $2,220 resistance zone.

Ethereum price remained well-bid after it settled above the $2,000 level. ETH gained bullish momentum and cleared the $2,120 resistance. The bulls even pumped it above the $2,200 level, like Bitcoin above $40,000.

A new multi-month high was formed near $2,229 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $2,147 swing low to the $2,229 high. There is also a connecting bullish trend line forming with support near $2,190 on the hourly chart of ETH/USD.

Ethereum is now trading above $2,180 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,220 zone.

The first key resistance is near the $2,250 level. The next resistance sits at $2,320. A clear move above the $2,320 level could send the price toward the $2,450 resistance zone.

Source: ETHUSD on TradingView.com

The next resistance is near $2,500, above which the price could aim for a move toward the $2,650 level. Any more gains could start a wave toward the $2,800 level.

If Ethereum fails to clear the $2,220 resistance, it could start a downside correction. Initial support on the downside is near the $2,190 level and the trend line.

The next key support is $2,165 or the 76.4% Fib retracement level of the upward move from the $2,147 swing low to the $2,229 high. The main support is now near $2,120. A downside break below $2,120 might start a steady decline. The key support is now at $2,050, below which there is a risk of a move toward the $2,000 level in the near term.

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 – $2,165

Major Resistance Level – $2,220