TA: Ethereum Sets New ATH, Here’s Why The Bulls Could Aim $2,500

Ethereum is gaining momentum above $2,300 against the US Dollar. ETH price is showing positive signs and it is likely to continue higher towards the $2,400 and $2,500 levels.

  • Ethereum is gaining pace above the $2,200 and $2,250 resistance levels.
  • The price is now trading well above $2,250 and the 100 hourly simple moving average.
  • There was a break above a key contracting triangle with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher towards the $2,400 and $2,420 levels in the near term.

Ethereum Price Is Gaining Pace

Ethereum started a strong increase after it broke the $2,200 resistance zone. ETH broke many hurdles near $2,220 and $2,250 to move into a positive zone.

There was a clear break above the $2,300 resistance levels. Moreover, there was a break above a key contracting triangle with resistance near $2,300 on the hourly chart of ETH/USD. It is now trading well above the 1.236 Fib extension level of the downward move from the $2,200 swing high to $2,102 low.

Ether is now trading well above $2,250 and the 100 hourly simple moving average. It is showing a lot of positive signs above the $2,300 level, and it traded to a new all-time high, similar to bitcoin.

Ethereum Price

Source: ETHUSD on TradingView.com

It seems like the bulls are aiming a test of the $2,400 level. An intermediate resistance could be $2,355. It is near the 2.618 Fib extension level of the downward move from the $2,200 swing high to $2,102 low. Any more gains could open the doors for a push towards the $2,500 level in the near term.

Dips Limited in ETH?

If Ethereum fails to clear the $2,350 resistance, it could correct lower. The first major support is now forming near the $2,300 level or the broken triangle zone.

The main support is now near the $2,250 level. If ether fails to stay above the $2,250 support zone, it could continue to move down towards the $2,200 support zone. Any more losses might call for a test of the $2,180 support area and the 100 hourly simple moving average.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 60 level.

Major Support Level – $2,300

Major Resistance Level – $2,400

Publication date: 
04/14/2021 - 08:08
Author: 
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.