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

Ethereum is trading in a positive zone whilom the $2,150 support zone the 100 hourly SMA versus the US Dollar. ETH price is likely to rally if there is a well-spoken unravel whilom $2,300.

  • Ethereum is trading in a positive zone whilom the $2,100 and $2,150 support levels.
  • The price is now trading whilom $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 orchestration of ETH/USD (data feed via Kraken).
  • The pair start a fresh rally whilom $2,300 as long as it is whilom the $2,000 support zone.

Ethereum Price Is Showing Positive Signs

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

The price plane spiked whilom the $2,250 resistance level. However, the price seems to be struggling to proceeds pace whilom $2,250, similar to bitcoin. A upper is worked near $2,285 and ether is now correcting lower. There was a unravel unelevated 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.

Ethereum Price

Source: ETHUSD on TradingView.com

There is moreover a key bullish trend line forming with support near $2,140 on the hourly orchestration of ETH/USD. The trend line is tropical to the 76.4% key bullish trend line forming with support near $2,140 on the hourly orchestration of ETH/USD. Any increasingly losses might undeniability for a test of the second trend line at $2,070.

More Upsides in ETH?

If Ethereum stays whilom the $2,150 support zone, there are upper chances of a fresh increase. An firsthand 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 tropical whilom the $2,300 level could start a major increase towards the $2,500 level or plane $2,550 in the near term

Technical Indicators

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

Hourly RSIThe RSI for ETH/USD is currently whilom the 50 level.

Major Support Level – $2,150

Major Resistance Level – $2,300

Author: Shantun Parmar

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