Key Takeaways:
- Ethereum is consolidating gains below the $2,500 resistance zone.
- ETH/USD is still above a major bullish trend line with support at $2,250 on the daily chart.
- The price could start a fresh increase unless there is a close below $2,150.
New Delhi(Coinchapter.com): Ethereum (ETH) is holding gains above the $2,250 level. The price could resume its rally if there is a clear move above the $2,400 resistance.
Ethereum Price Remains In Strong Uptrend
In the past few days, Ethereum price saw a steady increase above the $2,000 pivot level. ETH broke many hurdles near the $2,150 level to move further into a positive zone. The price even spiked below the $2,400 level before the bears appeared.
A high was formed near $2,447 and the price is now consolidating gains, like Bitcoin. There was a minor pullback below the $2,360 level. There was a move below the 23.6% Fib retracement level of the upward move from the $2,118 swing low to the $2,447 high. In an important event, India issued a noticed to shadow BAN nine major crypto exchanges, including Binance and Kraken. This impacted the market and sparked bearish moves in Bitcoin, ETH, SOL, and other cryptocurrencies.
Ethereum is still well above the $2,250 pivot level and well above the 50-day simple moving average (blue). More importantly, the price is still above a major bullish trend line with support at $2,250 on the daily chart.
The trend line is close to the 61.8% Fib retracement level of the upward move from the $2,118 swing low to the $2,447 high. If ETH remains stable above the trend line, there could be a fresh rally.
Immediate resistance on the upside is near the $2,400 level. The first key resistance is near the $2,440 zone. A successful break above the $2,440 resistance could set the pace for a sharp increase. The next resistance could be $2,550, above which the price could drift toward the $2,680 zone.
More Downsides in ETH?
Conversely, Ethereum might continue to move down below the $2,280 level. The next major support is near the $2,250 zone or the trend line, below which there could be a drop toward the 50-day simple moving average (blue).
If the price fails to stay above the 50-day simple moving average (blue) and $2,150, there could be a sustained decline. The next support might be $2,030. Any more losses could send Ether toward the $1,880 support in the coming weeks.
Overall, Ethereum price is consolidating gains and is still following a strong uptrend above $2,150. ETH could start a fresh rally unless there is a weekly close below $2,150.
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