Ethereum price extended its rally above the ,250 resistance. ETH is up over 10% and might continue to rise toward the ,500 resistance.
- Ethereum is showing positive signs and recently surpassed the ,300 resistance.
- The price is trading above ,250 and the 100-hourly Simple Moving Average.
- There is a major bullish trend line forming with support near ,250 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its rally if it clears the ,320 resistance zone.
Ethereum Price Extends Rally
Ethereum price remained in a positive zone above ,120, like Bitcoin. ETH extended its rally above the ,200 and ,250 resistance levels. The bulls remained action and the price spiked above ,300.
A new multi-month high was formed near ,316 and the price is now correcting gains. There was a move below the ,300 level. The price is now testing the 23.6% Fib retracement level of the upward move from the ,188 swing low to the ,316 high.
Ethereum is now trading above ,250 and the 100-hourly Simple Moving Average. Besides, there is a major bullish trend line forming with support near ,250 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the ,320 zone. The next key resistance is near the ,350 level. A clear move above the ,350 zone could send the price toward the ,420 level. The next resistance sits at ,450. Any more gains could start a wave toward the ,500 level.
Are Dips Supported in ETH?
If Ethereum fails to clear the ,320 resistance, it could start a downside correction. Initial support on the downside is near the ,265 level.
The next key support is ,250 and the trend line. It is near the 50% Fib retracement level of the upward move from the ,188 swing low to the ,316 high. The main support is now near ,200 or the 100-hourly Simple Moving Average. A downside break below ,200 might start an extended decline. The key support is now at ,120, below which there is a risk of a move toward the ,080 level in the near term.
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 level.
Major Support Level – ,200
Major Resistance Level – ,320