Ethereum Price Consolidates While Bitcoin Surges, Can ETH Follow BTC Later?

Ethereum price is consolidating gains above $2,400. ETH could start a major increase if there is a clear move above the $2,460 resistance.

• Ethereum is consolidating gains below the $2,460 resistance zone.
• The price is trading above $2,400 and the 100-hourly Simple Moving Average.
• There is a major bullish trend line forming with support at $2,435 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if there is a close above the $2,460 and $2,480 levels.

Ethereum price saw a steady increase after it broke the $2,350 resistance. ETH climbed above $2,400 and tested the $2,460 zone. A high was formed near $2,463 and the price is now consolidating gains, while Bitcoin extended its increase above the $45,000 level.

Ether is trading above the 23.6% Fib retracement level of the recent wave from the $2,352 swing low to the $2,463 high. There is also a major bullish trend line forming with support at $2,435 on the hourly chart of ETH/USD.

Ethereum is now trading above $2,400 and the 100-hourly Simple Moving Average. If there is a fresh increase, the price could surge above the $2,460 level. On the upside, the first major resistance is near the $2,500 level. The next major resistance is near $2,550, above which the price might rise and test the $2,620 resistance.

Source: ETHUSD on TradingView.com

If the bulls remain in action, they could even push the price above the $2,620 resistance. In the stated case, the price could rise toward the $2,700 level.

If Ethereum fails to clear the $2,460 resistance, it could start a downside correction. Initial support on the downside is near the $2,435 level and the trend line.

The next key support could be the $2,400 zone or the 50% Fib retracement level of the recent wave from the $2,352 swing low to the $2,463 high. A clear move below the $2,400 support might send the price toward $2,375. The main support could be $2,350. Any more losses might send the price toward the $2,240 level.

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 level.

Major Support Level – $2,400

Major Resistance Level – $2,460