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Ethereum’s price has started a steady increase above the $2,380 zone. ETH is trading above $2,350 and above the 100-hourly Simple Moving Average, with a bullish trend line forming on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue higher if it holds the $2,320 support area.
After holding above the $2,250 support, Ethereum began a fresh increase. The move gained pace toward $2,350 and $2,380, following a swing high at $2,424. After that peak, the price corrected downward, dipping below $2,380 and moving below the 38.2% Fibonacci retracement level of the upward move from the $2,258 swing low to the $2,424 high.
Ethereum is now back above $2,320 and the 100-hourly Simple Moving Average, alongside the developing bullish trend line with support at $2,320.
If bulls remain active above $2,300, Ethereum could attempt another rise. Immediate resistance is near $2,385, followed by key resistance levels at $2,400 and $2,420. A clear move above $2,420 could push the price toward $2,440. If the market breaks above the $2,440 region, Ether could target the $2,500 resistance zone and potentially $2,550 in the near term.
If Ethereum fails to clear the $2,420 resistance, a downside correction could follow. Initial support is near $2,340, aligning with the 50% Fibonacci retracement level of the move from the $2,258 swing low to the $2,424 high. The first major support sits around the $2,320 zone. A clear break below $2,320 may move the price toward $2,285, with further losses potentially extending to the $2,250 region. The main support is cited at $2,200.
Source: ETHUSD on TradingView.com
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