Ethereum is gaining momentum above $2,300 against the US Dollar. ETH price is showing positive signs and it is likely to continue higher towards the $2,400 and $2,500 levels.
Ethereum is gaining pace above the $2,200 and $2,250 resistance levels.
The price is now trading well above $2,250 and the 100 hourly simple moving average.
There was a break above a key contracting triangle with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to continue higher towards the $2,400 and $2,420 levels in the near term.
Ethereum Price Is Gaining Pace
Ethereum started a strong increase after it broke the $2,200 resistance zone. ETH broke many hurdles near $2,220 and $2,250 to move into a positive zone.
There was a clear break above the $2,300 resistance levels. Moreover, there was a break above a key contracting triangle with resistance near $2,300 on the hourly chart of ETH/USD. It is now trading well above the 1.236 Fib extension level of the downward move from the $2,200 swing high to $2,102 low.
Ether is now trading well above $2,250 and the 100 hourly simple moving average. It is showing a lot of positive signs above the $2,300 level, and it traded to a new all-time high, similar to bitcoin.
Source: ETHUSD on TradingView.com
It seems like the bulls are aiming a test of the $2,400 level. An intermediate resistance could be $2,355. It is near the 2.618 Fib extension level of the downward move from the $2,200 swing high to $2,102 low. Any more gains could open the doors for a push towards the $2,500 level in the near term.
Dips Limited in ETH?
If Ethereum fails to clear the $2,350 resistance, it could correct lower. The first major support is now forming near the $2,300 level or the broken triangle zone.
The main support is now near the $2,250 level. If ether fails to stay above the $2,250 support zone, it could continue to move down towards the $2,200 support zone. Any more losses might call for a test of the $2,180 support area and the 100 hourly simple moving average.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 60 level.
Major Support Level – $2,300
Major Resistance Level – $2,400
I’m a highly experienced and well-respected author in the field of Cryptocurrency. I have been writing on the subject for over 5 years now and have become an expert in the field. My work has been featured in many prestigious publications, including The Wall Street Journal, Forbes, and Business Insider. I’m a regular contributor to CoinDesk, one of the leading sources of Cryptocurrency news and information. In addition to my writing, I’m also a highly sought-after speaker on the topic of Cryptocurrency investing and trading. I have been invited to speak at numerous events around the world, including the World Economic Forum in Davos, Switzerland.
1 thought on “Ethereum Sets New ATH, Here’s Why The Bulls Could Aim $2,500”
Comments are closed.