Ethereum Price Consolidates Near Key Support Levels
The price of Ethereum recently corrected gains and tested the important $2,400 support level. Currently, ETH is consolidating and may be gearing up for a potential move above the $2,465 resistance. Let’s take a closer look at the latest developments.
- Ethereum experienced a downside correction below the $2,500 zone.
- Currently, the price is hovering just above $2,430 and the 100-hourly Simple Moving Average.
- A short-term rising channel is forming with support at $2,420 on the hourly chart of ETH/USD (via Kraken).
- For any upward momentum, the pair must maintain above the $2,400 support level in the short term.
Ethereum Price Holds Support Level as Bulls Protect Downside
Despite failing to break above the $2,500 resistance zone, Ethereum initiated a downside correction similar to Bitcoin’s movement. The price dipped below $2,465 and even reached below $2,420.
It appears that the bullish trend is still intact, with the price currently hovering above $2,430 and the 100-hourly Simple Moving Average. Resistance is observed near $2,465, with a rising channel forming on the hourly chart of ETH/USD at $2,420.
A clear breakout above $2,465 could pave the way for a move towards $2,500, and potentially higher levels beyond. On the downside, the $2,390 support level is crucial, followed by $2,325, and $2,240 in the event of further losses.
Technical Indicators and Key Levels to Watch
Hourly MACD indicates a bearish shift for ETH/USD, while the hourly RSI is currently above the 50 level. Major support is seen at $2,390, with resistance at $2,465.
In conclusion, Ethereum is consolidating near key support levels, with potential for a bullish breakout above $2,465. Traders should monitor the support and resistance levels closely for any significant price movements.
