TA: Ethereum Remains Strong, Why ETH Could Rally Above $2.3K

TA: Ethereum Remains Strong, Why ETH Could Rally Above $2.3K

Ethereum is trading in a positive zone above the $2,150 support zone the 100 hourly SMA against the US Dollar. ETH price is likely to rally if there is a clear break above $2,300.

• Ethereum is trading in a positive zone above the $2,100 and $2,150 support levels.
• The price is now trading above $2,100 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair start a fresh rally above $2,300 as long as it is above the $2,000 support zone.

Ethereum Price Is Showing Positive Signs

After forming a base above $2,000, ethereum started a steady increase. ETH broke the $2,200 resistance zone and it settled nicely above the 100 hourly simple moving average.

The price even spiked above the $2,250 resistance level. However, the price seems to be struggling to gain pace above $2,250, similar to bitcoin. A high is formed near $2,285 and ether is now correcting lower. There was a break below the $2,250 and $2,240 levels.

The price is now testing the 50% Fib retracement level of the upward move from the $2,094 swing low to $2,285 high. The next major support is near the $2,165 level.

Source: ETHUSD on TradingView.com

There is also a key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD. The trend line is close to the 76.4% key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD. Any more losses might call for a test of the second trend line at $2,070.

More Upsides in ETH?

If Ethereum stays above the $2,150 support zone, there are high chances of a fresh increase. An immediate resistance on the upside is near the $2,250 level.

The main breakout resistance is now forming near the $2,285 and $2,300 levels. A close above the $2,300 level could start a major increase towards the $2,500 level or even $2,550 in the near term

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently above the 50 level.

Major Support Level – $2,150

Major Resistance Level – $2,300