Ethereum Price Analysis: ETH Could Rally Above $2,400

9 months ago 6

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Ethereum price is eyeing an upside break above the $2,400 resistance against the US Dollar.
ETH price is now trading above $2,300 and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support near $2,280 on the 4-hour chart (data feed from Coinbase).
The pair could climb further if it stays above the $2,240 support zone.

Ethereum price is consolidating above the $2,240 level against the US Dollar. ETH/USD could rise again if it clears the $2,400 resistance zone.

Ethereum Price Analysis

In the past few sessions, Ethereum saw a decent increase from the $2,170 zone against the US Dollar. ETH price moved above the $2,200 and $2,220 levels to move into a positive zone.

The price even cleared the 50% Fib retracement level of the recent decline from the $2,391 swing high to the $2,239 low. The price settled above the $2,285 level. Ethereum is now trading above $2,300 and the 55 simple moving average (4 hours).

On the downside, initial support is near the $2,280 level. There is also a key bullish trend line forming with support near $2,280 on the 4-hour chart.

The next major support is now near the $2,240 level. A break below the $2,240 support could push the price to $2,200. Any more losses could lead the price toward $2,170 or even $2,120 in the coming days. Immediate resistance on the upside is near the $2,335 level.

The next major resistance is near the $2,355 zone or the 76.4% Fib retracement level of the recent decline from the $2,391 swing high to the $2,239 low.

The main resistance sits at $2,400. A clear move above the $2,400 level could send the price toward $2,500. Any more gains could even send the price toward the $2,620 resistance zone or $2,700 in the near term.

Looking at the chart, Ethereum price is clearly trading above the $2,280 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $2,240 support zone.