Ethereum Price Climbs Gradually, Can Bulls Break $2,400 Barrier?

Ethereum price started a fresh increase and remained stable above $2,365. ETH is now consolidating and might aim for more gains if it clears $2,400.

• Ethereum started a steady increase above the $2,365 zone.
• The price is trading above $2,370 and the 100-hourly Simple Moving Average.
• There was a break above a contracting triangle with resistance at $2,320 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it stays above the $2,330 zone.

Ethereum price managed to stay above the $2,320 support and started a fresh increase, like Bitcoin. ETH price gained pace for a move above $2,350 and $2,365.

There was a break above a contracting triangle with resistance at $2,320 on the hourly chart of ETH/USD. The price even climbed toward $2,400. A high was formed at $2,404, and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,286 swing low to the $2,404 high.

Ethereum price is now trading above $2,370 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,330, the price could attempt another increase. Immediate resistance is seen near the $2,400 level.

The first key resistance is near the $2,420 level. The next major resistance is near the $2,450 level. A clear move above the $2,450 resistance might send the price toward the $2,500 resistance. An upside break above the $2,500 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,565 in the near term.

If Ethereum fails to clear the $2,400 resistance, it could start a downside correction. Initial support on the downside is near the $2,345 level or the 50% Fib retracement level of the upward move from the $2,286 swing low to the $2,404 high. The first major support sits near the $2,330 zone.

A clear move below the $2,330 support might push the price toward the $2,285 support. Any more losses might send the price toward the $2,250 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 – $2,330

Major Resistance Level – $2,400