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Cryptocurrency : Ethereum Still Strong, Why ETH Could Break Above $ 2.3K

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Ethereum is trading in a positive zone above the $ 2,150 support zone, the 100 hourly SMA against the US Dollar. ETH price is likely to rise if there is a clear break above $ 2,300.

Ethereum is trading in a positive zone above the $ 2,100 and $ 2,150 support levels. The price is now trading above $ 2,100 and the 100 hourly simple moving average. A key uptrend line is forming with support near $ 2,140 on the ETH / USD hourly chart (data feed via Kraken). The pair begins a fresh rally above $ 2,300 as long as it is above the $ 2,000 support zone.

Ethereum price shows positive signs

After forming a base above $ 2,000, ethereum started a steady rise. ETH broke the $ 2,200 resistance zone and moved well above the 100 hourly simple moving average.

The price even spiked above the $ 2,250 resistance level. However, the price seems to be struggling to gain pace above $ 2,250, similar to bitcoin. A high is forming near $ 2,285 and the ether is now correcting lower. There was a break below the $ 2,250 and $ 2,240 levels.

The price is now testing the 50% Fib retracement level of the up move from the low of $ 2,094 to the high of $ 2,285. The next major support is near the $ 2,165 level.

Ethereum Price

Source: ETHUSD on TradingView.com

There is also a key uptrend line forming with support near $ 2,140 on the ETH / USD hourly chart. The trend line is close to the key 76.4% uptrend line that forms with support near $ 2,140 on the ETH / USD hourly chart. Any other loss could require a test of the second trend line at $ 2,070.

More advantages in ETH?

If Ethereum sustains above the $ 2,150 support zone, there are high chances of a further surge. An immediate resistance on the upside is near the $ 2,250 level.

The main breakout resistance is now forming near the $ 2,285 and $ 2,300 levels. A close above the $ 2,300 level could initiate a major rally towards the $ 2,500 level or even $ 2,550 in the near term.

Technical indicators

MACD per hour : The MACD for ETH / USD is slowly losing pace in the bullish zone.

RSI per hour : The RSI for ETH / USD is currently above the 50 level.

Major Support Level – $ 2,150

Major Resistance Level – $ 2,300

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