Ethereum Price On Verge Of Breakout, Can Bulls Seize Control?

The pair could continue to move up if it stays above the 2,310 zone. Ethereum Price Aims for Fresh Surge Ethereum price managed to stay above the 2,300 support and started a fresh increase, like Bitcoin. ETH price gained pace for a move above 2,350 and 2,360. The price even climbed toward 2,385. A high was formed at 2,398, and the price is now consolidating gains. There was a minor decline below the 23.6 Fib retracement level of the upward move from the 2,220 swing low to the 2,399 high. Ethereum price is now trading above 2,350 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at 2,360 on the hourly chart of ETH/USD, If the bulls remain in action above 2,310, 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 2,440 level. A clear move above the 2,440 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. Another Pullback In ETH? If Ethereum fails to clear the 2,400 resistance, it could start a downside correction. Initial support on the downside is near the 2,360 level and the trend line. The first major support sits near the 2,340 zone. A clear move below the 2,340 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 2,399 high. Any more losses might send the price toward the 2,265 region. The main support could be 2,220. 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 – 2,360 Major Resistance Level – 2,400