Ethereum Price Holds 100 SMA But Needs To Clear This For More Gains

2023-12-15 05:23:47

Ethereum price is consolidating above $2,250. ETH could start a fresh increase if there is a clear move above the $2,320 resistance zone.

Ethereum started a fresh increase above the $2,200 and $2,220 levels.
The price is trading above $2,240 and the 100-hourly Simple Moving Average.
There is a key rising channel with support near $2,275 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a steady increase if there is a close above $2,320 and $2,350.

Ethereum Price Eyes More Upsides

Ethereum price started a steady increase above the $2,180 resistance. ETH gained bullish momentum after there was a close above the $2,200 resistance.

The price even spiked above the $2,300 level and settled above the 100-hourly Simple Moving Average. A high was formed near $2,332 and the price is consolidating gains. There was a minor bearish wave below the $2,300 level. However, Ethereum is still above $2,240 and the 100-hourly Simple Moving Average.

There is also a key rising channel with support near $2,275 on the hourly chart of ETH/USD. The channel support and the 100 hourly SMA are close to the 23.6% Fib retracement level of the upward move from the $1,980 swing low to the $2,332 high.

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $2,320 level. The next key resistance is near the $2,350 level. The main resistance is still near $2,400. A clear move above the $2,400 zone could send the price toward the $2,500 level. The next resistance sits at $2,520. Any more gains could start a wave toward the $2,580 level.

Fresh Decline in ETH?

If Ethereum fails to clear the $2,320 resistance, it could start a fresh decline. Initial support on the downside is near the $2,275 level or the 100-hourly Simple Moving Average and the channel trend line. The next key support is $2,165.

The main support is now near $2,120 or the 61.8% Fib retracement level of the upward move from the $1,980 swing low to the $2,332 high. A downside break below $2,120 might start another major decline. In the stated case, Ether could revisit the $2,000 support.

Technical Indicators

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

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

Major Support Level – $2,275

Major Resistance Level – $2,320

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