October 3, 2022

TA: Ethereum Prints Bullish Pattern, Why Close Above $2,300 Is Crucial

2 min read

Ethereum stayed supported near the $2,150 zone versus the US Dollar. ETH price is rising, however a close above $2,300 is essential for upside extension.

  • Ethereum discovered support near $2,150 and it began a fresh boost.
  • The rate is back above the $2,200 zone and the 100 per hour basic moving average.
  • There was a break above a significant contracting triangle with resistance near $2,260 on the per hour chart of ETH/USD (information feed through Kraken).
  • The set is most likely to gain strength if there is a close above the $2,300 and $2,320 levels.

Ethereum Price Resumes Upward Move

Ethereum remained well bid above the $2,150 and $2,120 support levels, similar to bitcoin. ETH rate formed a base above $2,150 and it started a fresh increase.

There was a break above the $2,200 resistance the 100 hourly basic moving average. Ether surpassed the 50% Fib retracement level of the disadvantage correction from the $2,431 swing high to $2,151 low. There was also a break above a major contracting triangle with resistance near $2,260 on the hourly chart of ETH/USD.

The set is now trading near the $2,300 resistance. The very first significant resistance is near the $2,320 level. It is near the 61.8% Fib retracement level of the downside correction from the $2,431 swing high to $2,151 low.

Ethereum Price

 Source: ETHUSD on TradingView.com A close above

the $2,320 level could set the rate for more gains. The next significant barrier for the bulls could be near the $2,400 level, followed by $2,420. Anymore upsides might require a test of the $2,500 resistance zone in the near term.

Dips Limited in ETH?

If Ethereum fails to continue greater above $2,300 and $2,320, it could start a fresh decline. A preliminary support on the disadvantage is near the $2,250 level.

The very first significant support is near the $2,220 level and the 100 hourly simple moving average. The main assistance is now forming near the $2,200 level. Any more losses might lead the cost back towards the $2,150 support zone. If the bulls stop working to safeguard the $2,150 assistance, there are high chances of a larger decrease. The next major assistance sits near the $2,050 level.

Technical Indicators

Per hour MACD— The MACD for ETH/USD is now gaining speed in the bullish zone.

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

Major Support Level –– $2,200

Significant Resistance Level –– $2,320