Ethereum continued to bid well and climbed above the $ 2,400 level against the US Dollar. ETH price is showing positive signs and may soon rise above $ 2,500.
Ethereum cleared the resistance zone
Ethereum gained momentum and cleared the $ 2,350 resistance zone.
The price is currently trading well above $ 2,350 and the 100 hourly simple moving average.
There was a break above the key bearish channel with resistance near $ 2,300 on the hourly chart of ETH / USD.
The pair is showing positive signs and is likely to continue to rise above $ 2,450.
If Ethereum fails to clear the $ 2,450 and $ 2,500 resistance levels, it could correct towards the lower levels. The first downside support is near the $ 2,380 level.
Initial support is currently forming near the $ 2,350 level. If Ethereum fails to stay above the $ 2,350 support, it could test the 100 hourly simple moving average. Further losses may require testing of the $ 2,250 support.
Hourly MACD – The MACD for ETH / USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH / USD is currently well above the 50 level.
Major Support Level – $ 2,350.
Major Resistance Level – $ 2,450.