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The value of Ethereum has been consolidating at a price point above $2,250. That being said, there could be a potential for an increase if it surpasses the resistance zone of $2,320. Ethereum’s price surge above the $2,200 and $2,220 levels is noteworthy, as it’s currently holding a trading value above $2,240 and is above the 100-hourly Simple Moving Average. Key pointers show a rising channel with support close to $2,275 on the hourly chart of ETH/USD.
There’s speculation that Ethereum could embark on a steady upward trend if it seals a price above both $2,320 and $2,350. Interestingly, Ethereum started its price increase subtly above the $2,180 resistance. The cryptocurrency built some bullish momentum after its value passed the $2,200 resistance point. Not long after, Ethereum’s price spiked beyond $2,300, affirming its position above the 100-hourly Simple Moving Average.
During this period, the price peak was around $2,332 before consolidating its gains. Although there was a minor bearish dip below the $2,300 mark, Ethereum is maintaining its stance above the $2,240 and 100-hourly Simple Moving Average. From the data, there is a definite rising channel that supports around $2,275 on the Ethereum/USD hourly chart. This channel support and the 100-hourly SMA are proximately similar to the 23.6% Fib retracement level of the upward trend that took off from the $1,980 nadir to the $2,332 peak.
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