Ethereum Price Gears Up, Another Increase Could Be Imminent

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 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.

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.

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