Ethereum Price Surges Over 5%, Bulls Ignite Strong Upside Momentum

Ethereum price extended gains above $2,250 before it faced sellers. ETH is now correcting gains and might find bids near the $2,165 zone.

Ethereum started a decent upward move above the $2,220 zone.
The price is trading above $2,200 and the 100-hourly Simple Moving Average.
There was a break above a contracting triangle with resistance at $2,150 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it stays above the $2,150 resistance.

Ethereum Price Aims For More Gains

Ethereum price remained stable above $2,120 and started a decent upward move, like Bitcoin. ETH price climbed above the $2,180 and $2,220 resistance levels.

The bulls pumped the price above $2,250. Besides, there was a break above a contracting triangle with resistance at $2,150 on the hourly chart of ETH/USD. A high was formed at $2,273 before the price started a downside correction. There was a move toward the 23.6% Fib retracement level of the upward move from the $2,059 swing low to the $2,273 high.

Ethereum price is now trading above $2,180 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,165, the price could attempt another increase.

Source: ETHUSD on TradingView.com

Immediate resistance is seen near the $2,250 level. The first key resistance is near the $2,275 level. The next major resistance is near the $2,320 level. A clear move above the $2,320 resistance might send the price toward the $2,350 resistance. An upside break above the $2,350 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,450 resistance zone or even $2,500 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,250 resistance, it could start a fresh decline. Initial support on the downside is near the $2,220 level. The first major support sits near the $2,165 zone or the 50% Fib retracement level of the upward move from the $2,059 swing low to the $2,273 high.

A clear move below the $2,165 support might push the price toward the $2,120 support. Any more losses might send the price toward the $2,110 region. The main support could be $2,065.

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 – $2,165

Major Resistance Level – $2,250