Ethereum Price Rockets Above $2,200 as Bulls Tighten Market Control

Ethereum price started a major increase above the $2,150 zone. ETH is now showing positive signs and might aim for more gains above $2,250.

• Ethereum started a steady upward move above the $2,150 zone.
• The price is trading above $2,150 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $2,100 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh decline if it stays below the $2,250 zone.

Ethereum Price Rallies Over 8%

Ethereum price extended its recovery wave after it cleared the $2,050 zone, like Bitcoin. ETH price was able to clear the $2,120 resistance zone.

The bulls pushed the price above the 76.4% Fib retracement level of the downward move from the $2,209 swing high to the $2,062 low. Besides, there is a key bullish trend line forming with support at $2,100 on the hourly chart of ETH/USD.

Finally, the price cleared the $2,200 resistance zone. It tested the 1.236 Fib extension level of the downward move from the $2,209 swing high to the $2,062 low at $2,245.

Ethereum price is now trading above $2,180 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,150, the price could attempt another increase. Immediate resistance is seen near the $2,245 level. The first key resistance is near the $2,250 level.

The next major resistance is near the $2,280 level. A clear move above the $2,280 resistance might send the price toward the $2,320 resistance. An upside break above the $2,320 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,365 resistance zone or even $2,380 in the near term.

Downside Correction In ETH?

If Ethereum fails to clear the $2,250 resistance, it could start a fresh decline. Initial support on the downside is near the $2,200 level. The first major support sits near the $2,180 zone.

A clear move below the $2,180 support might push the price toward the $2,150 support. Any more losses might send the price toward the $2,100 region. The main support could be $2,050.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,150

Major Resistance Level – $2,250