Ethereum Price Aims for Key Upside: Can Bulls Push Past $2,400?
Ethereum price is again rising and trading above $2,320. ETH must clear the $2,400 resistance to gain bullish momentum in the near term.
- Ethereum is attempting a recovery wave above the $2,320 zone.
- The price is trading above $2,350 and the 100-hourly Simple Moving Average.
- There was a break above a short-term declining channel with resistance at $2,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,400 resistance to continue higher in the near term.
Ethereum Price Eyes Upside Break
Ethereum price remained supported above the $2,250 level. A base was formed, and the price started another increase above the $2,300 level like Bitcoin .
There was a break above a short-term declining channel with resistance at $2,350 on the hourly chart of ETH/USD. The pair even surpassed the $2,380 level, but it stayed below the $2,400 resistance level. A high is formed at $2,390 and the price is now consolidating.
It is trading near the 23.6% Fib retracement level of the upward move from the $2,278 swing low to the $2,390 high. Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average .
Source: ETHUSD on TradingView.comOn the upside, the price seems to be facing hurdles near the $2,380 level. The first major resistance is near the $2,400 level. A close above the $2,400 level might send Ether toward the $2,450 resistance. The next key resistance is near $2,500. An upside break above the $2,500 resistance might call for more gains toward the $2,550 resistance zone in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,380 resistance, it could start another decline in the near term. Initial support on the downside is near $2,350. The first major support sits near the $2,330 zone or the 50% Fib retracement level of the upward move from the $2,278 swing low to the $2,390 high.
A clear move below the $2,330 support might push the price toward $2,250. Any more losses might send the price toward the $2,200 support level in the near term. The next key support sits at $2,120.
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 zone.
Major Support Level – $2,330
Major Resistance Level – $2,400
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Persistent Market Doubts Despite Bessonett Buybacks: 30-Year U.S. Treasury Holds at 5.24%, Dollar Softens, Gold Rises, Oil Falls
Dow futures rose 0.16%, S&P 500 index futures gained 0.2%, and Nasdaq 100 index futures increased by 0.4%. The 30-year US Treasury yield remains at a high of 5.24%, while the 10-year yield is steady at 4.70%. Spot gold rose by 1.0% during the day to $4,562 per ounce. Market attention is now shifting to next week's Nvidia earnings report and the Jackson Hole Global Central Bank Symposium.
Ethereum rises 25% as record $3 billion short liquidations boost price
Nvidia plans to invest in AI data supplier Mercor, which is valued at $20 billion
Nvidia has used Mercor data for Nemotron open-source model training, paying tens of millions of dollars in service fees last quarter. This investment marks Nvidia’s strategy to expand from serving chip customers to moving upstream in the data supply chain. Mercor is expected to achieve $2 billion in gross revenue this year, and after this round of financing, will surpass Scale to become the highest-valued unicorn in the data labeling sector.
Strategy bitcoin gains rebound $192M as BitMine’s ETH loss tops $5.8B
Crypto prices
More
