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Ethereum worth is gaining tempo above the $2,200 resistance. ETH is up over 8% and may proceed to rise towards the $2,500 resistance within the coming days.

• Ethereum is gaining tempo and not too long ago surpassed the $2,250 resistance.
• The worth is buying and selling above $2,200 and the 100-hourly Simple Moving Average.
• There is a key bullish development line forming with help close to $2,225 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair may lengthen its rally if it clears the $2,275 resistance zone.

Ethereum Price Follows Bitcoin

Ethereum worth began a powerful enhance above $2,000, like Bitcoin. ETH cleared many hurdles close to $2,120 to enter a optimistic zone. The worth even surged above the $2,200 stage to set the tone for a bigger enhance.

A brand new multi-month excessive was fashioned close to $2,275 and the value is now consolidating gains. There was a minor transfer beneath the 23.6% Fib retracement stage of the upward transfer from the $2,148 swing low to the $2,275 excessive. However, Ethereum remains to be buying and selling above $2,200 and the 100-hourly Simple Moving Average.

There can be a key bullish development line forming with help close to $2,225 on the hourly chart of ETH/USD. On the upside, the value is dealing with resistance close to the $2,250 zone.

Source: ETHUSD on TradingView.com

The subsequent key resistance is close to the $2,275 stage. A transparent transfer above the $2,275 zone may ship the value towards the $2,320 stage. The subsequent resistance sits at $2,350. Any extra good points may begin a wave towards the $2,500 stage.

Are Dips Limited in ETH?

If Ethereum fails to clear the $2,250 resistance, it may begin a draw back correction. Initial help on the draw back is close to the $2,220 stage and the development line.

The subsequent key help is $2,175 or the 76.4% Fib retracement stage of the upward transfer from the $2,148 swing low to the $2,275 excessive. The foremost help is now close to $2,150 or the 100-hourly Simple Moving Average. A draw back break beneath $2,150 may begin a gradual decline. The key help is now at $2,080, beneath which there’s a danger of a transfer towards the $2,020 stage within the close to time period.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is dropping momentum within the bullish zone.

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

Major Support Level – $2,175

Major Resistance Level – $2,250