Ethereum price started a fresh upward move above the $2,420 resistance and traded close to $2,500, consolidating gains. ETH successfully cleared the $2,350 and $2,420 resistance levels, gaining nearly 10%.
The price is now trading above $2,440 and the 100-hourly Simple Moving Average. A bullish trend line with support at $2,385 is forming on the hourly chart of ETH/USD. The trend line aligns with the 50% Fib retracement level from the $2,277 swing low to the $2,493 high.
For continued upward momentum, Ethereum needs to overcome resistances at $2,480 and $2,500. If the price breaks above $2,550, more gains could follow, pushing Ether towards $2,650 or higher.
If Ethereum can't clear $2,480, it may face a downside correction with initial support at $2,440. Major support is around $2,385 and $2,320. Further losses could push ETH towards the $2,250 or $2,200 support levels.
Technical indicators suggest the hourly MACD is losing momentum in the bullish zone, while the hourly RSI is above 50. Major support and resistance levels are $2,385 and $2,500, respectively.
