Ethereum price found support at $2,320 and started a fresh increase

ETH is now rising and might aim for a move above the $2,650 resistance zone.

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Ethereum price found support at $2,320 and started a fresh increase. The price is now rising and might aim for a move above the $2,650 resistance zone.

Ethereum Price Regains Traction

Ethereum price started a downside correction below the $2,450 level, unlike Bitcoin. ETH traded below the $2,400 and $2,350 support levels. However, the bulls were active near the $2,300 zone.

A low was formed at $2,308 and the price started a fresh increase. There was a move above the $2,450 and $2,500 levels. The price surpassed the 61.8% Fib retracement level of the downward move from the $2,583 swing high to the $2,308 low.

Besides, there was a break above a connecting bearish trend line with resistance at $2,530 on the hourly chart of ETH/USD. Ethereum price is now trading above $2,540 and the 100-hourly Simple Moving Average. The price is also above the 76.4% Fib retracement level of the downward move from the $2,583 swing high to the $2,308 low.

On the upside, the price could face resistance near the $2,580 level. The next key resistance is near the $2,600 level. The first major resistance is at around $2,650. A clear move above the $2,650 resistance might send the price toward the $2,720 resistance.

An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,780 resistance zone or even $2,840 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start a fresh decline. Initial support on the downside is at around $2,520. The first major support sits at the $2,450 zone.

A clear move below the $2,450 support might push the price toward the $2,420 support. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,250.

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 – $2,450

Major Resistance Level – $2,650