Ethereum Price Soars Above $2,200 as Market Momentum Gains

Ethereum's price has made a significant leap, moving above the $2,150 threshold. Currently, ETH is exhibiting encouraging trends and may continue to rise past the $2,250 mark.

Key Takeaways

Ethereum has started a consistent upward movement above the $2,150 level.
The price is currently above $2,150 and exceeding the 100-hourly Simple Moving Average.
A critical bullish trend line has formed, maintaining support at $2,100 on the hourly ETH/USD chart.
A potential decline could occur if the price remains below $2,250.

Ethereum Price Soars Above $2,200

Ethereum Price Increases by Over 8%

Ethereum's price continued its recovery, mirroring Bitcoin's trend after surpassing the $2,050 level. The ETH price successfully broke through the $2,120 resistance zone.

The market bulls pushed prices above the 76.4% Fibonacci retracement level of the decline from the $2,209 swing high to the $2,062 low. Moreover, a bullish trend line is forming with support locked at $2,100 on the hourly ETH/USD chart.

Ethereum overcame the $2,200 resistance and tested the 1.236 Fibonacci extension at $2,245, corresponding to the previous downward movement from $2,209 to $2,062.

Currently, Ethereum is trading above $2,180 and the 100-hourly Simple Moving Average. As long as bullish momentum persists above the $2,150 mark, the price could make another upward stride. The immediate resistance level rests around $2,245, with the first major resistance set at $2,250.

Ethereum Price Chart
Source: ETHUSD on TradingView.com

Should it overcome the $2,280 resistance level, Ethereum could aim for $2,320. Crossing above the $2,320 mark could signal further gains in the upcoming days, potentially pushing Ether towards the $2,365 resistance zone or even $2,380 shortly after.

Is a Downward Correction Ahead for ETH?

If Ethereum is unable to break through the $2,250 resistance, it may initiate a fresh downswing. Initial support levels are anticipated around $2,200, with more substantial support near the $2,180 area.

A drop below the $2,180 support could push the price down to the $2,150 level, with the potential for further declines towards the $2,100 region. The main support threshold is expected to be at $2,050.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is showing positive momentum within the bullish zone.
Hourly RSI: The RSI for ETH/USD now stands above the 50 mark.
Major Support Level: $2,150
Major Resistance Level: $2,250