Ethereum Price Coiling Tight, Explosive Move Could Trigger Anytime
Ethereum price started a fresh increase and remained stable above $2,355. ETH is now consolidating and might aim for more gains if it clears $2,400. If the bulls remain in action above $2,350, the price could attempt another increase. Immediate resistance is seen near the $2,380 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 $2,500 resistance. An upside break above the $2,500 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,565 in the near term. If Ethereum fails to clear the $2,400 resistance, it could start a downside correction. Initial support on the downside is near the $2,350 level and the trend line. The first major support sits near the $2,330 zone. A clear move below the $2,330 support might push the price toward the $2,310 support or the 50% Fib retracement level of the upward move from the $2,220 swing low to the $2,398 high. Any more losses might send the price toward the $2,285 region. The main support could be $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 – $2,350 Major Resistance Level – $2,400Another Pullback In ETH?
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