Ethereum Price Rejected Above $2,400, Upside Momentum Starts To Fade

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Reason to trust How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum price started a fresh increase and remained stable above $2,350. ETH is now consolidating and might aim for more gains if it clears $2,425. - Ethereum started a steady increase above the $2,380 zone. - The price is trading above $2,350 and the 100-hourly Simple Moving Average. - There is a bullish trend line forming with support at $2,320 on the hourly chart of ETH/USD (data feed via Kraken). - The pair could continue to move up if it stays above the $2,320 zone. Ethereum Price Corrects Recent Gains Ethereum price managed to stay above the $2,250 support and started a fresh increase, like Bitcoin. ETH price gained pace for a move above $2,350 and $2,380. The last swing high was formed at $2,424 before there was a downside correction. The price dipped below the $2,380 level. There was a move below the 38.2% Fib retracement level of the upward move from the $2,258 swing low to the $2,424 high. Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $2,320 on the hourly chart of ETH/USD. If the bulls remain in action above $2,300, the price could attempt another increase. Immediate resistance is seen near the $2,385 level. The first key resistance is near the $2,400 level. The next major resistance is near the $2,420 level. A clear move above the $2,420 resistance might send the price toward the $2,440 resistance. An upside break above the $2,440 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,420 resistance, it could start a downside correction. Initial support on the downside is near the $2,340 level or the 50% Fib retracement level of the upward move from the $2,258 swing low to the $2,424 high. The first major support sits near the $2,320 zone. A clear move below the $2,320 support might push the price toward the $2,285 support. Any more losses might send the price toward the $2,250 region. The main support could be $2,200. 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 – $2,320 Major Resistance Level – $2,385

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