Ethereum Price Rejected Above $2,400, Upside Momentum Starts To Fade
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. 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. 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 – $2,385Another Decline In ETH?
About Author
