Ethereum is trading in a positive zone above the $2,400 and $2,420 support levels.
The price is now trading above $2,450 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $2,400 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct lower, but the price is likely to remain well bid above $2,400.
Ethereum Price Is Showing Positive Signs
However, ether struggled to gain pace similar to bitcoin. It climbed above the $2,450 and $2,500 resistance. There was also a break above a major bearish trend line with resistance near $2,400 on the hourly chart of ETH/USD.
The pair tested the $2,550 resistance and it is now correcting gains. It traded below the 23.6% Fib retracement level of the upward move from the $2,311 swing low to $2,554 high. Ether is now trading above $2,450 and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The first major support on the downside is near the $2,440 level. It is near the 50% Fib retracement level of the upward move from the $2,311 swing low to $2,554 high. On the upside, the price is facing resistance near the $2,520 level.
Dips Supported in ETH?
The main support is now forming near the $2,440 level and the 100 hourly SMA. A downside break below $2,450 may possibly put a lot of pressure on the bulls. The next key support is near the $2,400 level.
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $2,440
Major Resistance Level – $2,550