TA: Ethereum Sets New ATH, Here’s How ETH Could Rally Above $2.2k

TA: Ethereum Sets New ATH, Here’s How ETH Could Rally Above $2.2k

Ethereum extended its rally and traded to a new all-time high at $2,150 against the US Dollar. ETH price is now consolidating gains and it is likely to rally above $2,200.

  • Ethereum is trading nicely in a bullish zone above the $2,050 support.
  • The price is now well above the $2,100 support and the 100 hourly simple moving average.
  • There is a short-term rising channel forming with support near $2,100 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher above the $2,150 and $2,180 levels in the near term.

Ethereum Price Is Gaining Momentum

In the past few sessions, Ethereum remained in a positive zone above the $2,000 support, similar bitcoin. ETH even broke the $2,100 level and traded to a new all-time high near $2,150.

During the increase, there was a break above a key bearish trend line with resistance near $2,060 on the hourly chart of ETH/USD. The price is now trading well above the $2,100 support and the 100 hourly simple moving average.

A high is formed near $2,150 and the price is consolidating gains. An initial support is near the $2,115 level. It is near the 23.6% Fib retracement level of the recent wave from the $2,004 swing low to $2,150 high.

Ethereum Price

Source: ETHUSD on TradingView.com

There is also a short-term rising channel forming with support near $2,100 on the same chart. It seems like there is a major support forming near the $2,080 level. It is close to the 50% Fib retracement level of the recent wave from the $2,004 swing low to $2,150 high.

On the upside, the $2,150 level is a short-term resistance. A clear break above the $2,150 high might open the doors for more gains above the $2,180 and $2,200 levels.

Dips Limited in ETH?

If Ethereum fails to clear the $2,150 resistance, it could correct lower. The first major support is now forming near the $2,080 level.

Any more losses might lead ether price towards the $2,040 level and the 100 hourly simple moving average. The next major buy zone for the bulls could be $2,000.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is well above the 50 level.

Major Support Level – $2,080

Major Resistance Level – $2,150

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: